REIT ASIAPAC
Interview
AYALA BREAKS NEW GROUND WITH REIT LISTING
The first REIT in the Philippines sees opportunities in office and industrial assets and stressed the importance of corporate governance .
An interview with Carol Mills , President of AREIT Inc .
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 .
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 .
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