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Manila Bulletin devider Business devider The Stock Market devider AREIT appoints new CEO amid strong first-half performance

AREIT appoints new CEO amid strong first-half performance

Published Aug 13, 2025 05:12 pm
Alberto M. de Larrazabal
Alberto M. de Larrazabal
AREIT, Inc., Ayala Land's real estate investment trust, announced the appointment of Alberto M. de Larrazabal as the new President and Chief Executive Officer effective Wednesday, Aug. 13.
De Larrazabal will also serve as a Director, filling the unexpired term of Augusto D. Bengzon, who has stepped down from the Board. Jose Eduardo A. Quimpo II, the outgoing President and CEO, will remain a member of the Board.
De Larrazabal brings over three decades of extensive experience in finance, business development, treasury operations, joint ventures, mergers and acquisitions, investment banking, and investor relations.
He has served as Senior Managing Director and Chief Finance Officer of Ayala Corp. (AC) since April 23, 2021, and holds board positions in other publicly listed companies, including Integrated Micro-Electronics, Inc. (IMI), ENEX Energy Corp. (ENEX), and Yoma Strategic Holdings Ltd.
His prior leadership roles include positions at Globe Telecom, Marsman Drysdale Corp., JP Morgan Hong Kong, and San Miguel Corp.. He holds a Bachelor of Science degree in Industrial Management Engineering from De La Salle University.
The leadership announcement comes as AREIT reported a forty-five percent jump in net income, excluding the net fair value change in investment properties, to ₱4.3 billion in the first half of 2025.
In a disclosure to the Philippine Stock Exchange, the company attributed its strong performance to a ninety-nine percent overall occupancy rate across its properties for the first six months of the year.
Total revenues for the period reached ₱5.9 billion, and Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) stood at ₱4.4 billion, representing year-on-year increases of forty percent and forty-four percent, respectively.
The company noted that contributions from assets infused in 2024, including Ayala Triangle Gardens Tower 2, Greenbelt 3 and 5 mall, Holiday Inn & Suites Makati, Seda Ayala Center Cebu, and industrial land in Zambales, which began in July 2024, were key drivers of its first-half performance.
AREIT also recently filed a Deed of Exchange with the Securities and Exchange Commission (SEC) in July 2025 for the infusion of eight prime commercial assets in Visayas and Mindanao, valued at ₱21.0 billion.
These assets include Central Bloc Corporate Center 1 and 2, Ayala Malls Central Bloc, and Seda Hotel Central Bloc in Cebu; Ayala Malls Abreeza and Abreeza Corporate Center in Davao; and Ayala Malls Centrio and Centrio Corporate Center in Cagayan de Oro.
This transaction is projected to expand AREIT’s gross leasable area to 4.3 million square meters and increase its Assets Under Management (AUM) to ₱138 billion. Upon completion of this planned ₱21 billion property infusion, the company’s AUM will have grown fivefold since its initial public offering.
In addition, the Board declared cash dividends of ₱0.59 per outstanding common share for the second quarter of 2025. These dividends are payable on September 12, 2025, to shareholders on record as of Aug. 29, 2025. This declaration brings the total dividends for the first half of 2025 to ₱1.17 per share, a four percent increase year-on-year.
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