AREIT Inc., the real estate investment trust of Ayala Land Inc., is acquiring P6.77 billion worth of industrial assets from another member of the Ayala Group, ACEN Corporation, to bolster its portfolio further.
AREIT said it is acquiring 276 hectares of industrial land located in Zambales from Buendia Christiana Holdings Corporation (BCHC), a wholly-owned subsidiary of ACEN. I Photo: ACEN Facebook
In a disclosure to the Philippine Stock Exchange (PSE), AREIT said it is acquiring 276 hectares of industrial land located in Zambales from Buendia Christiana Holdings Corporation (BCHC), a wholly-owned subsidiary of ACEN.
The transaction will be a property-for-share swap, with AREIT issuing BCHC 199.11 million AREIT primary common shares in exchange for the land valued at P6.77 billion, as validated by a third-party fairness opinion.
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