AREIT’s Major Asset Acquisition from Ayala Land

AREIT Inc., a real estate investment trust under the Ayala Group, has announced the acquisition of PHP 23 billion worth of prime commercial properties from Ayala Land Inc.

This acquisition is part of a larger plan, which also includes purchasing PHP 6.77 billion worth of industrial land from Buendia Christiana Holdings Corp., a subsidiary of ACEN Corp. This move is set to increase AREIT’s assets under management to PHP 117 billion and its gross leasable area to over one million square meters.

Carol Mills, the president and CEO of AREIT, stated that these acquisitions will significantly expand AREIT’s market presence and include a diverse portfolio of malls, offices, hotels, and industrial properties. The transaction involves ALI and its subsidiaries exchanging properties valued at PHP 21.8 billion for AREIT primary common shares.

This major acquisition is pending approval from AREIT shareholders and regulatory bodies and is expected to contribute to AREIT’s income by the first quarter of 2024.