Philippines’ first real estate investment trust (REIT) company AREIT Inc. is entering into a new property-for-share swap deal with its sponsor Ayala Land Inc.
In a statement, AREIT said the transaction would involve six Cebu-based office buildings with an aggregate value of P11,257,889,535.91, in exchange for 252,136,383 AREIT primary common shares.
The six buildings are eBloc Towers 1 to 4 located at Cebu IT Park, ACC Tower and Tech Tower located at Ayala Center Cebu, the company said.
The office buildings have a total gross leasable area (GLA) of 124,299 square meters with an overall occupancy rate of 97%, leased by major BPOs in the country, it added.
With the latest asset infusion from Ayala Land, AREIT said its portfolio or assets under management (AUM) will reach P64 billion this year, a 213% increase since the company went public.
AREIT began with 153,000 square meters equivalent to P30 billion of AUM in 2020. It further grew its portfolio to P53 billion with 549,000 square meters of total properties.
Meanwhile, the latest property-for-share swap transaction is subject to the approval of AREIT shareholders at their annual meeting on April 21, 2022 and pertinent regulatory bodies.
Ayala Land and AREIT are targeting to complete the transaction within the year.
“We are focused on delivering our commitment to grow our assets, diversify our geographic and tenant base and create more shareholder value with increasing dividends and price appreciation. With this new asset infusion, we foresee AREIT’s dividend per share to increase, in addition to the recently concluded asset infusions last year,” said AREIT president and CEO Carol Mills. —Ted Cordero/KBK, GMA News
AREIT to increase portfolio to P64B via property-share swap with Ayala Land
Source: News Panda Philippines
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