AREIT Inc. has received regulatory approval from the Securities and Exchange Commission (SEC) for an asset infusion agreement with mother company Ayala Land Inc.
AREIT said with the approval, it is adjusting the recognition of income from the assets to the fourth quarter 2022.
The assets involve six Cebu-based office buildings which AREIT will swap for its shares with Ayala Land.
The transaction involves 252.14 million primary shares worth P11.26 billion as validated by a third-party fairness opinion.
The six buildings are eBloc Towers 1 to 4 located at Cebu IT Park, ACC Tower and Tech Tower at Ayala Center Cebu. The office buildings have a total gross leasable area (GLA) of 124,299 square meters (sq.m.) with an overall occupancy rate of 97 percent, leased by major BPOs in the country, the company earlier said. – Ruelle Castro
