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Manila Bulletin devider Business devider First REIT IPO underway

First REIT IPO underway

Published Jul 28, 2020 03:35 pm

The country’s first Real Estate Investment Trust (REIT) initial public offering (IPO), Ayala Land’s AREIT INC.,  is finally underway after more than a decade since the enactment of the REIT Act of 2009.

As the first mover in this asset class, Ayala Land said it aims to lead the industry by introducing a REIT that is built on sound investment fundamentals and aligned with the best practices in the region.

AREIT brings to the market an investment option with high-performing commercial assets combined with the strength of the Ayala Land brand.

“AREIT’s IPO is not only for Ayala Land, but also for the continued development of the Philippine capital markets. Since the REIT law was passed in 2009, domestic and foreign investors have been eagerly awaiting to invest in REITs in the Philippines,” AREIT Chairman Jose Emmanuel H. Jalandoni said.

He added that, “We hope our efforts to become the first company to offer this product will pave the way for more REIT listings in the future. REITs will enable capital recycling to further promote developments in the country.”

AREIT’s portfolio consists of three Grade A properties in Makati City, namely Solaris One, Ayala North Exchange and McKinley Exchange. These properties cover a total gross leasable area of 152,755.80 square meters (sqm) and have a total occupancy rate of 99.9 percent.

In addition to these properties, AREIT intends to use the net proceeds from the primary offer to fund its acquisition of either Teleperformance Cebu from ALO Prime Realty Corporation, a wholly-owned subsidiary of Ayala Land, or an alternative property from ALI, or any of its subsidiaries or affiliates that financially and strategically meets or exceeds Teleperformance Cebu and AREIT’s financial and strategic investment criteria.

Moving forward, AREIT plans to continue investing in properties that will provide income growth.

AREIT’s IPO will run until August 3. It is offering 456.88 million shares at P27 per share. AREIT will also offer up to 45.69 million shares as part of the over-allocation option.

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