AREIT to add P19.5B of ALI malls; AUM to reach P158B

​AREIT, Inc. (AREIT) will conduct its sixth property-for-share swap with its Sponsor, Ayala Land, Inc. (ALI) involving the acquisition of two (2) commercial mall properties located in Metro Manila and Cebu. 

The AREIT Board of Directors approved today a property-for-share swap transaction with ALI and its wholly-owned subsidiary, Summerhill Commercial Ventures Corp. (Summerhill), which involves the subscription of ALI and Summerhill to 441,131,656 primary common shares of AREIT, in exchange for (1) Ayala Center Cebu, a flagship mall located in Cebu Business Park, Cebu City, and (2) Ayala Malls Feliz along Amang Rodriguez Avenue in Pasig City. The aggregate value of the two properties stands at P19.5 billion and will be exchanged for AREIT shares priced at P44.15 per share, as validated by a third-party fairness opinion. 

The planned infusions of ALI and Summerhill will bring AREIT’s Assets Under Management (AUM) to P158 billion. These assets have a combined building gross leasable area (GLA) of 375 thousand square meters (sqm), and will bring AREIT’s total GLA to 4.7 million sqm, composed of 1.8 million sqm building GLA and 2.9 million sqm industrial land GLA. 

Post-transaction, across the 1.8 million sqm of building GLA, offices will account for 40%, retail will increase to 54%, and hotels will comprise 6%. This improved mix enhances AREIT’s retail exposure and broadens its footprint across Metro Manila and Cebu.

The transaction shall be subject to the approval of AREIT shareholders at a Special Stockholders’ Meeting on December 11, 2025 and pertinent regulatory bodies thereafter. ALI and AREIT are targeting to complete the transaction by 2H 2026. 

When approved, total infusions for the year will reach P40.5 billion, marking AREIT’s largest annual addition to date. Consistent with prior transactions, this latest infusion is expected to support dividend growth and be yield-accretive. 

“This latest infusion strengthens AREIT’s portfolio with two dynamic retail destinations, enhancing both our geographic reach and asset mix. As we continue to build scale with quality, our shareholders will benefit from a larger and more diversified portfolio,” said AREIT President and CEO Mr. Alberto M. de Larrazabal.