Real estate investment trust pioneer AREIT Inc. has consummated a deal to acquire P15.46 billion worth of commercial property assets from Ayala Land Inc. (ALI), thus bulking up its portfolio of leasable assets.
AREIT disclosed to the Philippine Stock Exchange on Tuesday that it had executed a deal with ALI and various subsidiaries for the issuance of 483.25 million of its primary common shares in exchange for the assets. At the exchange price of P32 per share, the new assets are yield accretive to AREIT at 6 percent.
The deal scales up AREIT’s deposited property value in its portfolio to P52 billion from P37 billion. The latest transaction involves a total of 205,000 square meters …
Keep on reading: AREIT expands property portfolio after swap deal with ALI