Real estate investment trust (REIT) pioneer AREIT Inc. is expected to bump up its earnings starting this year with its takeover of 10 commercial property assets valued at P15 billion, the biggest of which is the Vertis North commercial development in Quezon City.
AREIT is set to hike its deposited property value in its portfolio to P52 billion from P37 billion through this property-for-share swap transaction with its sponsor, Ayala Land Inc. (ALI).
A total of 205,000 square meters of leasable space, primarily composed of office leasing properties located within ALI’s prime estates in the country, will form part of the new asset infusion.
Other assets
Aside from Vertis North, whic…
Keep on reading: AREIT to add P15B worth of Ayala Land assets to portfolio