Ayala Land readies first REIT IPO in Philippines for Aug listing

The Editor
The Editor7/21/2020 11:55 AM GMT+08  • 2 min read
Ayala Land readies first REIT IPO in Philippines for Aug listing
On July 11, the Philippines’ Securities and Exchange Commission (SEC) approved an initial public offering (IPO) for Ayala Land’s REIT subsidiary, AREIT, the first of its kind in the country and sets the pace for more REIT listings
Font Resizer
Share to WhatsappShare to FacebookShare to LinkedInMore Share
Scroll to top
Follow us on Facebook and join our Telegram channel for the latest updates.

SINGAPORE (July 21): On July 11, the Philippines’ Securities and Exchange Commission (SEC) approved an initial public offering (IPO) for Ayala Land’s REIT subsidiary, AREIT, the first of its kind in the country and sets the pace for more REIT listings.

Ayala Land will offer up to 502.6 million shares in the new AREIT, according to filings submitted to the SEC. Each share will be priced at a maximum of PHP30.05 pesos, raising up to PHP13.7 billion. The REIT is set to list on August 13 with an indicative yield of 5.4-6.3%. Primarily an office REIT, about 59% of its total GLA of 152,756 sqm is leased out to business process outsourcing or BPOs. Part of the proceeds will be used to acquire Teleperformance Cebu, a commercial asset, post listing.

The Philippines is the fourth Southeast Asian country to start its own REIT market. In 2014, Thailand allowed the conversion of its property trusts into REITs. Singapore had its first REIT listing in 2002, and Malaysia in 2005. India’s REIT framework enabled the listing of Embassy REIT in April 2019.

×
Loading next article...
The Edge Singapore
Download The Edge Singapore App
Google playApple store play
Keep updated
Follow our social media
Subscribe to The Edge Singapore
Get credible investing ideas from our in-depth stock analysis, interviews with key executives, corporate movements coverage and their impact on the market.
© 2022 The Edge Publishing Pte Ltd. All rights reserved.