INTERVIEW: Ayala Breaks New Ground With REIT Listing
The first REIT in the country sees opportunities in office and industrial assets and stressed the importance of corporate governance.
The Philippine government announced the establishment of a revised framework for real estate investment trusts (REITs) in January 2020. Shortly after, Ayala Land – one of the Philippines largest property development firms – said it planned to form Ayala REIT (AREIT) as the country’s first REIT.
In August of the same year, AREIT units debuted in the market after a successful PHP13.6 billion (US$280 million) initial public offering (IPO).
The Philippine Rating Services Corporation (PhilRatings) had assigned an Issuer Credit Rating of PRS Aaa, with a Stable Outlook for the REIT.
AREIT’s property portfolio currently consists of three commercial buildings in Makati City, the Philippines’ central business district. These are Solaris One — a 24-storey commercial building; Ayala North Exchange — a two-tower mixed-use development; and McKinley Exchange — a five-storey mixed-use development.
AREIT’s property portfolio currently consists of three commercial buildings in Makati City, the Philippines’ central business district. These are Solaris One — a 24-storey commercial building; Ayala North Exchange — a two-tower mixed-use development; and McKinley Exchange — a five-storey mixed-use development. REITAsiaPac talked to Carol Mills, President of AREIT Inc., on the prospects of the Philippine REIT market in 2021 as global and local markets recover from the disruption caused by travel, movements and operational restrictions to curb the spread of the pandemic…
Read REITAsiaPac’s full interview of Carol Mills, AREIT Inc. President, here: https://www.reitasiapac.com/the-first-reit-in-the-country-sees-opportunities-in-office-and-industrial-assets-and-stressed-the-importance-of-corporate-governance/
