ADVERTISEMENT
Manila Bulletin devider Business devider The Stock Market devider Ayala Land expands AREIT's retail portfolio with infusion of Pasig, Cebu malls

Ayala Land expands AREIT's retail portfolio with infusion of Pasig, Cebu malls

Published Oct 29, 2025 09:55 am
Real estate giant Ayala Land Inc. (ALI) is infusing into AREIT Inc. (AREIT) two malls—Ayala Malls Feliz in Pasig City and Ayala Center Cebu—worth ₱19.5 billion in exchange for new shares, so that retail will now account for over half of the real estate investment trust’s (REIT) portfolio.
In a disclosure to the Philippine Stock Exchange (PSE), AREIT said it will conduct its sixth property-for-share swap with its sponsor, ALI, involving the acquisition of the two commercial mall properties.
“This latest infusion strengthens AREIT’s portfolio with two dynamic retail destinations, enhancing both our geographic reach and asset mix. As we continue to build scale with quality, our shareholders will benefit from a larger and more diversified portfolio,” said AREIT President and Chief Executive Officer (CEO) Alberto M. de Larrazabal.
AREIT’s board of directors approved on Wednesday, Oct. 29, the property-for-share swap transaction with ALI and its wholly owned subsidiary, Summerhill Commercial Ventures Corp. (Summerhill).
This involves the subscription by ALI and Summerhill to 441.13 million primary common shares of AREIT at ₱44.15 per share, in exchange for Ayala Center Cebu, a flagship mall located at Cebu Business Park in Cebu City, and Ayala Malls Feliz along Amang Rodriguez Avenue in Pasig.
The planned infusions by ALI and Summerhill, validated by a third-party fairness opinion, will bring AREIT’s assets under management (AUM) to ₱158 billion.
These assets have a combined building gross leasable area (GLA) of 375,000 square meters (sqm) and will bring AREIT’s total building GLA to 4.7 million sqm, composed of 1.8 million sqm of building GLA and 2.9 million sqm of industrial land GLA.
Post-transaction, across the 1.8 million sqm of building GLA, offices will account for 40 percent, retail will increase to 54 percent, and hotels will comprise six percent.
“This improved mix enhances AREIT’s retail exposure and broadens its footprint across Metro Manila and Cebu,” AREIT said.
The transaction shall be subject to the approval of AREIT shareholders at a special stockholders’ meeting on Dec. 11, 2025, and the pertinent regulatory bodies thereafter. ALI and AREIT are targeting to complete the transaction by the second half of 2026.
Once approved, total infusions for the year will reach ₱40.5 billion, marking AREIT’s largest annual addition to date. Consistent with prior transactions, this latest infusion is expected to support dividend growth and be yield-accretive.
In preparation for this, AREIT said it is increasing its authorized capital stock to ₱57 billion from ₱39.83 billion to enable the company to grow its AUM through various modes of acquisition, including property-for-share swaps.

Related Tags

Ayala Land Inc. AREIT Inc. Alberto M. de Larrazabal Ayala Center Cebu Ayala Malls Feliz
ADVERTISEMENT
.most-popular .layout-ratio{ padding-bottom: 79.13%; } @media (min-width: 768px) and (max-width: 1024px) { .widget-title { font-size: 15px !important; } }

{{ articles_filter_1561_widget.title }}

{{ item.title }}
.most-popular .layout-ratio{ padding-bottom: 79.13%; } @media (min-width: 768px) and (max-width: 1024px) { .widget-title { font-size: 15px !important; } }

{{ articles_filter_1562_widget.title }}

{{ item.title }}
.most-popular .layout-ratio{ padding-bottom: 79.13%; } @media (min-width: 768px) and (max-width: 1024px) { .widget-title { font-size: 15px !important; } }

{{ articles_filter_1563_widget.title }}

{{ item.title }}

{{ articles_filter_1564_widget.title }}

{{ item.title }}
.mb-article-details { position: relative; } .mb-article-details .article-body-preview, .mb-article-details .article-body-summary{ font-size: 17px; line-height: 30px; font-family: "Libre Caslon Text", serif; color: #000; } .mb-article-details .article-body-preview iframe , .mb-article-details .article-body-summary iframe{ width: 100%; margin: auto; } .read-more-background { background: linear-gradient(180deg, color(display-p3 1.000 1.000 1.000 / 0) 13.75%, color(display-p3 1.000 1.000 1.000 / 0.8) 30.79%, color(display-p3 1.000 1.000 1.000) 72.5%); position: absolute; height: 200px; width: 100%; bottom: 0; display: flex; justify-content: center; align-items: center; padding: 0; } .read-more-background a{ color: #000; } .read-more-btn { padding: 17px 45px; font-family: Inter; font-weight: 700; font-size: 18px; line-height: 16px; text-align: center; vertical-align: middle; border: 1px solid black; background-color: white; } .hidden { display: none; }
function initializeAllSwipers() { // Get all hidden inputs with cms_article_id document.querySelectorAll('[id^="cms_article_id_"]').forEach(function (input) { const cmsArticleId = input.value; const articleSelector = '#article-' + cmsArticleId + ' .body_images'; const swiperElement = document.querySelector(articleSelector); if (swiperElement && !swiperElement.classList.contains('swiper-initialized')) { new Swiper(articleSelector, { loop: true, pagination: false, navigation: { nextEl: '#article-' + cmsArticleId + ' .swiper-button-next', prevEl: '#article-' + cmsArticleId + ' .swiper-button-prev', }, }); } }); } setTimeout(initializeAllSwipers, 3000); const intersectionObserver = new IntersectionObserver( (entries) => { entries.forEach((entry) => { if (entry.isIntersecting) { const newUrl = entry.target.getAttribute("data-url"); if (newUrl) { history.pushState(null, null, newUrl); let article = entry.target; // Extract metadata const author = article.querySelector('.author-section').textContent.replace('By', '').trim(); const section = article.querySelector('.section-info ').textContent.replace(' ', ' '); const title = article.querySelector('.article-title h1').textContent; // Parse URL for Chartbeat path format const parsedUrl = new URL(newUrl, window.location.origin); const cleanUrl = parsedUrl.host + parsedUrl.pathname; // Update Chartbeat configuration if (typeof window._sf_async_config !== 'undefined') { window._sf_async_config.path = cleanUrl; window._sf_async_config.sections = section; window._sf_async_config.authors = author; } // Track virtual page view with Chartbeat if (typeof pSUPERFLY !== 'undefined' && typeof pSUPERFLY.virtualPage === 'function') { try { pSUPERFLY.virtualPage({ path: cleanUrl, title: title, sections: section, authors: author }); } catch (error) { console.error('ping error', error); } } // Optional: Update document title if (title && title !== document.title) { document.title = title; } } } }); }, { threshold: 0.1 } ); function showArticleBody(button) { const article = button.closest("article"); const summary = article.querySelector(".article-body-summary"); const body = article.querySelector(".article-body-preview"); const readMoreSection = article.querySelector(".read-more-background"); // Hide summary and read-more section summary.style.display = "none"; readMoreSection.style.display = "none"; // Show the full article body body.classList.remove("hidden"); } document.addEventListener("DOMContentLoaded", () => { let loadCount = 0; // Track how many times articles are loaded const offset = [1, 2, 3, 4, 5, 6, 7, 8, 9, 10]; // Offset values const currentUrl = window.location.pathname.substring(1); let isLoading = false; // Prevent multiple calls if (!currentUrl) { console.log("Current URL is invalid."); return; } const sentinel = document.getElementById("load-more-sentinel"); if (!sentinel) { console.log("Sentinel element not found."); return; } function isSentinelVisible() { const rect = sentinel.getBoundingClientRect(); return ( rect.top < window.innerHeight && rect.bottom >= 0 ); } function onScroll() { if (isLoading) return; if (isSentinelVisible()) { if (loadCount >= offset.length) { console.log("Maximum load attempts reached."); window.removeEventListener("scroll", onScroll); return; } isLoading = true; const currentOffset = offset[loadCount]; window.loadMoreItems().then(() => { let article = document.querySelector('#widget_1690 > div:nth-last-of-type(2) article'); intersectionObserver.observe(article) loadCount++; }).catch(error => { console.error("Error loading more items:", error); }).finally(() => { isLoading = false; }); } } window.addEventListener("scroll", onScroll); });
Join Our Newsletters

Sign up by email to receive news.

© 2025 Manila Bulletin The Nation's Leading Newspaper. All Rights Reserved.