The Philippines鈥檚 first listed real estate trust, AREIT, is to receive an asset 鈥渋nfusion鈥� from its parent AyalaLand, to add PHp22.5bn (鈧�385m) of offices and malls to its portfolio.
The property-for-share-swap transaction involves PSE-listed AREIT issuing 607.6m shares to its sponsor AyalaLand for the Glorietta 1 and 2 malls and BPO buildings, as well as the brand new One Ayala Avenue BPO towers.
AREIT said that the asset injection would lift its assets under management to PHp87bn 鈥� a nearly three-fold rise from its listing three years ago.
鈥淭he rebound of commercial businesses is an opportunity for AREIT to widely diversify its assets with more retail buildings,鈥� said AREIT president and CEO, Carol T Mills.
Since its initial public offering three years ago, AREIT has exceeded its growth plans, resulting in a 52% total shareholder return, the trust said.
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