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Manila Bulletin devider Business devider The Stock Market devider Ayala Land secures SEC nod for ₱19-billion asset injection into AREIT

Ayala Land secures SEC nod for ₱19-billion asset injection into AREIT

Published Jun 26, 2026 03:49 pm
Alberto M. de Larrazabal
Alberto M. de Larrazabal
The Securities and Exchange Commission (SEC) approved a ₱19.5 billion asset injection by Ayala Land Inc. into its real estate investment trust, clearing the way for retail properties to anchor the trust’s portfolio.
Ayala Land will transfer Ayala Malls Feliz in Pasig City and Ayala Center Cebu to AREIT Inc. in exchange for new shares, according to a regulatory statement. The transaction is the sixth property-for-share swap between the builder and its REIT unit.
Following the transaction, retail properties will account for 54 percent of AREIT’s total building portfolio, up from a previous strategy heavily weighted toward commercial offices.
The corporate regulator’s clearance allows AREIT to proceed with plans to list 441.13 million new common shares on the Philippine Stock Exchange during the second half of 2026. The shares were valued at ₱44.15 apiece, a price validated by a third-party fairness opinion. The real estate swap involves Ayala Land and its wholly owned unit, Summerhill Commercial Ventures Corp., which holds the asset title for the Pasig commercial property.
The transaction will boost AREIT’s total assets under management to ₱158 billion. The two commercial centers will add 375,000 square meters of gross leasable area, expanding AREIT’s total footprint to 4.7 million square meters. That total includes 1.8 million square meters of building space and 2.9 million square meters of industrial land. Within the building portfolio, offices will drop to 40 percent, while hotels and hospitality assets will comprise the remaining six percent.
The expansion comes as property developers recalibrate their portfolios to capture a post-pandemic rebound in consumer spending and retail traffic, mitigating slower growth in the office sector. AREIT said the improved asset mix broadens its footprint across Metro Manila and the fast-growing Cebu economic hub.
Company officials expect the transaction to support steady dividend distributions.
“This latest infusion strengthens AREIT’s portfolio with two dynamic retail destinations, enhancing both our geographic reach and asset mix,” AREIT President and Chief Executive Officer Alberto M. de Larrazabal said in the statement. “As we continue to build scale with quality, our shareholders will benefit from a larger and more diversified portfolio.” (James A. Loyola)

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Ayala Land Inc. AREIT Inc.
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