Property

AREIT buys Laguna Technopark lot to boost property value to P37B

Ayala-led real estate investment trust AREIT Inc. has acquired 9.8 hectares of land owned by Technopark Land Inc. in Laguna Technopark for P1.1 billion.

The four parcels of land, which are being leased by Integrated Micro-Electronics Inc.(IMI) for the next 7 years, will directly contribute to AREIT’s income starting this month.

IMI is a listed subsidiary of Ayala Laguna Technopark, which 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. (ALLHC),

The acquisition will increase AREIT’s distributable income to shareholders, further strengthening its potential for capital appreciation and its ability to deliver stable and regular dividends.

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

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

“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,” said Carol Torres-Mills, president and CEO of AREIT.

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