Ayala Land Inc. is infusing another P22.48 billion-worth of assets into its real estate investment trust (AREIT).
The realtor said the assets, comprised of flagship offices and malls from units Ayalaland Malls Inc. (ALMI) and Northbeacon Commercial Corp. (NBCC) will be exchanged for 607.56 million AREIT primary common shares, which will be scheduled for AREIT’s shareholder approval when it meets on April 26, 2023.
Ayala Land said the assets are mainly located in the Makati CBD (central business district), specifically the newest One Ayala Avenue East and West BPO Towers at the corner of Ayala avenue and EDSA, as well as the Glorietta 1 and 2 mall wing and BPO (business process outsourcing) buildings at Ayala Center,” Ayala Land said.
MarQuee mall in Angeles, Pampanga, located close to the Angeles exit of the North Luzon Expressway , will also be added to AREIT’s portfolio, it added.
The retail and office spaces have a combined gross leasable area of 190,000 square meters (sq.m.) and enjoy an overall occupancy rate of 99 percent.
Ayala Land said the spaces have a weighted average lease expiry of 14.5 years.
Ayala Land said it expects to close the transaction within the year.
