Ayala Land Inc., a Philippine property developer and the unit of Ayala Corp, is seeking to secure $500 million in the country’s first real estate investment trust (REIT) offering.

With the proposed offering, the company, valued at $13.3 billion, is preparing to participate in the REIT industry in the Philippines.

As part of the deal, Ayala Land filed a REIT company registration with the Securities and Exchange Commission and plans to sell to the public 67 percent of the REIT company

The company intends to hire a sister firm, Bank of the Philippine Islands, as the underwriter for the offering set this year.