AREIT, Inc., the real estate investment trust of Ayala Land, Inc. (ALI), will acquire Ayala Center Cebu and Ayala Malls Feliz in Pasig City, worth P19.5 billion, through a property-for-share swap with ALI and subsidiary Summerhill Commercial Ventures Corp.
The deal, validated by a fairness opinion, involves the issuance of 441.1 million AREIT shares at P44.15 each and will raise its assets under management to P158 billion.
Retail assets will account for 54 percent of its building gross leasable area.
AREIT president and chief executive officer Alberto de Larrazabal said the infusion strengthens its retail portfolio and geographic reach.
Shareholders will vote on the deal on Dec. 11, 2025, with completion eyed in the second half of 2026. / KOC