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Manila Bulletin devider Business devider AREIT to acquire P11 B assets from ALI

AREIT to acquire P11 B assets from ALI

Published Mar 11, 2022 02:46 pm

AREIT, Inc. (AREIT), the first Philippine real estate investment trust, will enter a second property-for-share swap with its sponsor AyalaLand,Inc.(ALI) worth P11.26 billion.

In a disclosure to the Philippine Stock Exchange, the firm said the transaction will involve six Cebu-based office buildings in exchange for 252,136,383 AREIT primary common shares, as validated by a third-party fairness opinion.

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

The transaction is subject to the approval of AREIT shareholders at their annual meeting on Apr. 21, 2022 and pertinent regulatory bodies. ALI and AREIT are targeting to complete the said transaction within the year.

Since its IPO, AREIT delivered on its growth plans, resulting in 92 percent total shareholder return from dividend yield and price appreciation.

AREIT started with 153,000 sq.m. equivalent to P30 billion of Assets Under Management (AUM) in 2020. By December 2021, this has grown to 549,000 sq.m., equivalent to P53 billion in AUM.

With this new asset infusion, AREIT will grow further and reach 673,000 sq.m. or P64 billion in AUM in 2022 – a 213 percent increase since AREIT went public. This growth exceeds its target to double in size within two years from its IPO.

AREIT President and CEO Carol Mills

"We are focused on delivering our commitment to grow our assets, diversify our geographic and tenant base and create more shareholder value with increasing dividends and price appreciation," said AREIT President and CEO Carol T. Mills.

She added that, “With this new asset infusion, we foresee AREIT's dividend per share to increase, in addition to the recently concluded asset infusions last year.”

Last Feb. 24, 2022, AREIT's Board of Directors approved the declaration of dividends of P0.47 per share for the fourth quarter of 2021, to be distributed on Mar. 25, 2022, to stockholders on record as of Mar. 11, 2022.

AREIT's dividend per share increased from P0.44 in the third quarter to P0.47 in the fourth quarter after concluding its first asset-share swap of P15 billion last October 2021.

Its full-year dividends from its 2021 income totaled P1.77 per share, a 34 percent increase from 2020 and 12 percent higher than its REIT plan projection during the IPO. With this prospective infusion of Cebu assets, AREIT's dividend per share is projected to increase further.

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AREIT Inc. Carol Mills
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