Ayala Land Inc. is putting up a new wholly-owned unit to be called Primavera Town Centre Inc. with an initial capital of P320 million for putting up of as much as 29 mini-malls in the next five years.

In a disclosure to the Philippine Stock Exchange (PSE), ALI said the new subsidiary will handle the planning, development, and management of small-format retail facilities known as “neighborhood centers” within ALI’s existing and planned growth centers nationwide.

Neighborhood centers will offer a convenient shopping and lifestyle experience to the immediate mixed-use communities in these growth centers and will have a maximum size of 10,000 square meters of gross leasable area.

ALI said the P320-million capital will be used to fund the development of five new neighborhood centers within 2010 with another three to be six neighborhood centers to be added to the portfolio in each of the succeeding four years.