The country’s first real estate investment trust AREIT Inc. secured the green light from its stockholders to acquire six Cebu-based office buildings valued at P11.26 billion from its sponsor Ayala Land Inc. (ALI).
The transaction will boost AREIT’s gross leasing area to 673,00 square meters or assets under management to P64 billion, exceeding the group’s target to double in size within two years from its stock market debut.
The six office buildings are eBloc Tower 1 to 4 located at the Cebu IT Park as well as ACC Tower and Tech Tower in Ayala Center Cebu.
In exchange for the assets, AREIT will issue 252.14 million shares to ALI at a price of P44.65 apiece
AREIT’s full-year dividends from its 2021 income amounted to P1.77 per share, up 34 percent from 2020 and 12 percent higher than its REIT plan projection during its initial public offering.
With the infusion of Cebu assets, AREIT’s dividend per share is projected to increase further.
SOURCE: Bilyonaryo
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