AREIT Inc., the real estate investment trust (REIT) of realtor Ayala Land Inc. (ALI), said it is set to receive P20.99 billion worth of new assets, in exchange for new company shares issued to its mother company and sister firms Accendo Commercial Corp., Cagayan de Oro Gateway Corp. and Central Bloc Hotel Ventures Inc.
The assets will be composed of eight commercial properties, still unidentified by the company, AREIT said in a disclosure on Thursday.
AREIT said the property-for-share swap will be calendared for approval by shareholders when they meets f on April 23.
AREIT currently has 3.9 million square meters (sq.m.) of leasable space in its portfolio, with an asset under management (AUM) worth P117.3 billion as of end 2024, up from a 153,000 sq.m. portfolio and an AUM of P30 billion when it held its initial public offering in 2020.
Among AREIT’s notable properties are Ayala Triangle Tower 2, Greenbelt 3 and 5, Holiday Inn, Seda Ayala Center Cebu, and Seda Lio in Palawan.
AREIT closed 2024 with a 99 percent average occupancy and a weighted average lease expiry of 20.8 years for its blended portfolio and 3.8 years for offices spaces.
