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Monday, June 17, 2024

Exchange okays AREIT’s P15.46B ALI share swap

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AREIT Inc. said Friday it obtained the approval of the Philippine Stock Exchange on the listing of additional shares covering the property-for-share swap with parent Ayala Land Inc.

AREIT said the exchange approved the additional listing of 483,254,375 shares to be issued to ALI.

AREIT then received P15.46 billion worth of properties from ALI and its subsidiaries.

These include three Vertis North Commercial Development office buildings and a retail podium in Quezon City; One and Two Evotech in Nuvali Santa Rosa, Laguna; Bacolod Capitol Corporate Center and Ayala Northpoint Technohub in Negros Occidental; and office condominium units at BPI-Philam Life buildings in Makati and Madrigal Business Park in Alabang.

The deals expanded AREIT’s gross leasable area to 549,000 square meters and assets under management to P53 billion.

AREIT said the property-for-share swap resulted in a 13 percent year-on-year increase in the company’s dividend per share in the first half of 2022.

AREIT also entered into property-for-share swap deal with ALI in March. Under the deal, ALI will inject six Cebu-based office buildings worth P11.25 billion to AREIT.

The six buildings are eBloc Towers 1 to 4 located at Cebu IT Park, ACC Tower and Tech Tower located at Ayala Center Cebu, which have gross leasable area of 124,299 square meters, with an overall occupancy rate of 97 percent leased by major BPOs in the country.

AREIT in return will issue 252,136,383 shares to ALI.

The transaction will expand AREIT’s gross leasable area to 673,000 sqm and expand its AUM to P64 billion.

AREIT is the first real estate investment trust company listed on the PSE. Its share price declined by 0.5 percent Friday to P38.70.

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