After spending 12 years learning the ropes in various roles across the 191-year-old banking-to-property group, Mariana, 36, was appointed this March as a managing director at Ayala Corp. She’s tasked with sprucing up its vast leasing portfolio of aging malls, office buildings and hotels—a number of which sprung up after Ayala Corp. spun off its expanding real estate division in 1988 and listed Ayala Land three years later. The masterplan includes a $1.5 billion makeover of its retail properties: On the to-do list is refurbishing eight of its 34 malls and building new ones to add 700,000 square meters of gross leasable area (GLA) by 2028 to the current 2.2 million square meters. Empty offices are also on the rise in the capital city, and with global tensions keeping interest rates high and borrowing costs elevated (the company’s debt rose 9% to 282 billion pesos last year), Ayala Land shares took a knock, dropping nearly 20% in the past 12 months.
Author: Jonathan Burgos, Forbes Staff, Jonathan Burgos, Forbes Staff https://www.forbes.com/sites/jonathanburgos/
Published at: 2025-08-06 21:30:03
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