AREIT Inc. said it has signed the deed of exchange with mother company Ayala Land Inc. and sister companies Greenhaven Property Ventures Inc., Cebu Insular Hotel Co. Inc. and Buendia Christiana Holdings Corp. for the transfer of P28.5 billion-worth of assets from the Ayala Land Group to the real estate investment trust vehicle.
The sale of the assets was announced in November last year, where Ayala Land and AREIT said the assets – Ayala Triangle Gardens Tower 2, luxury mall Greenbelt 3 and 5 and Holiday Inn and Suites Makati at the Ayala Center, Seda Ayala Center Cebu and a 276-hectare parcel of land located in Zambales – will be in exchange for 841.26 million AREIT common shares at an issue price of P34.
AREIT in February reported that profit last year grew by 43 percent to P4.93 billion from P3.44 billion the prior year, while revenues rose by 41 percent to P7.14 billion from P5.06 billion.
AREIT said its properties recorded a 97 percent average occupancy as of end-2023, higher than the industry.
