Areit names 10 properties in its P15B property-for-share swap

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AREIT Inc. (AREIT) identified the 10 properties included in its P15 billion property-for-share swap transaction with its sponsor Ayala Land Inc. (ALI) in a disclosure to the Philippine Stock Exchange (PSE) Wednesday, March 24, 2021. It announced that a total of 205,000 square meters of leasable space, primarily composed of office leasing properties located within Ayala Land’s prime estates in the country, will form part of its roster of REIT assets.

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

The property-for-share swap transaction with ALI is subject to the approval of its shareholders on their first annual meeting on April 23 as well as pertinent regulatory bodies. (PR)