By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.
MANILA, Philippines – AREIT Inc., the REIT of Ayala Land Inc. (ALI), has secured approval for a P19.5-billion property-for-share swap with its sponsor and ALI subsidiary Summerhill Commercial Ventures Corp., clearing the way for another major asset infusion.
In a disclosure on Friday, AREIT said the Securities and Exchange Commission (SEC) approved the transaction on June 26, allowing the REIT to issue 441.13 million new primary common shares to ALI and Summerhill in exchange for two commercial properties in Cebu and Pasig City in Metro Manila.
READ: Asset growth boosts AREIT profit to record P9.4B
The shares will be issued at P44.15 apiece, equivalent to a transaction value of P19.48 billion. The price represents a premium over AREIT’s 30-day volume weighted average price of P43.93.
