AREIT, Inc. shareholders have approved a P17.3-billion property-for-shares transaction with Ayala Land, Inc. (ALI) and its subsidiaries involving four malls and two hotels, subject to regulatory approval.
Under the transaction, ALI and its subsidiaries will subscribe to 462.48 million primary AREIT common shares at P37.48 apiece in exchange for the six properties, AREIT said in a statement on Thursday.
The transaction would raise AREIT’s assets under management to P177 billion from P159 billion once completed.
The properties are Glorietta 4 and Ayala Malls Circuit in Makati City, Ayala Malls Capitol Central in Bacolod City, Ayala Malls Cloverleaf in Quezon City, New World Makati Hotel, and Seda Vertis North.
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