Ayala Land unit acquires 9.8 hectares of land worth P1.1 billion

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AREIT, Inc., the real estate investment trust of Ayala Land, Inc., has acquired 9.8 hectares of land at the Laguna Technopark for P1.1 billion, with the acquisition expected to directly contribute to its income starting this month.

“Aside from being value-accretive to investors, AREIT’s assets promote job creation for Filipinos. AREIT’s office buildings are home to top local and global companies that employ over 50,000 Filipino workers, including this newly acquired land where over 5,000 jobs are generated,” AREIT President and Chief Executive Officer Carol Torres-Mills said in a statement on Wednesday.

The company said the acquisition of the land in Technopark Land can add to the earnings generated by its existing buildings.

This will increase the distributable income to shareholders, demonstrate AREIT’s ability to deliver stable and regular dividends, and strengthen its potential for capital appreciation, it added.

Consisting of four parcels, the land is being leased for the next seven years by Integrated Micro-Electronics, Inc., among the leading players in global manufacturing and technology solutions and is a listed subsidiary of Ayala Corp.

Together with the acquisition of The 30th in Pasig, AREIT’s portfolio will reach 344,000 square meters of leasable space, double its current size of 171,000 square meters, only five months from its initial public offering.

This likewise brings up AREIT’s total property value to P37 billion.

Laguna Technopark is a 471-hectare premier industrial park spanning portions of Biñan and Santa Rosa in the province of Laguna currently managed by AyalaLand Logistics Holdings Corp., a listed subsidiary of Ayala Land. CURRENTPH

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