The Philippine Stock Exchange said it has cleared the initial public offering of Ayala Land Inc.’s real estate investment trust , which serves as the first of its kind of the country.
“We are set to witness a milestone in the capital market with the first REIT IPO. We are excited over the prospects of the REIT sector now that we have a first mover in REIT listing,” PSE President and Chief Executive Officer Ramon Monzon was quoted as saying. In a statement on Saturday, PSE said AREIT would be offering 502.57 million shares, inclusive of the overallotment option of 45,688,700 shares.
The shares have an indicative price of up to P30.05 per share, but the final offer price would be determined after the company’s book building process.“We are pleased that AREIT has decided to pursue its IPO even under the present economic challenges brought about by the Covid-19 pandemic.
AREIT’s property portfolio currently consists of three commercial buildings – excluding the land they stand on – namely, Solaris One and Ayala North Exchange and McKinley Exchange.
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