Ayala Land's AREIT acquires part of Laguna Technopark for P1.1B

ABS-CBN News

Posted at Jan 06 2021 03:05 PM

Ayala Land's AREIT acquires part of Laguna Technopark for P1.1B 1
One of the two electronics manufacturing facilities of Ayala Group's Integrated Micro-Electronics Inc. (IMI) within the Laguna Technopark. Ayala Land's AREIT Inc. is acquiring the land where the IMI facilities stand. Photo from IMI website

MANILA - Ayala Land's AREIT Inc. has acquired a part of Laguna Technopark, the company said, in line with its three-year strategy to pursue long-term high-yielding commercial properties.

"On Jan. 5, 2021, AREIT entered into a deed of absolute sale with TLI [Technopark Land Inc], a subsidiary of Ayala Corp., to acquire 98,179 square meters (sqm) of land for P1.1 billion," the company told the stock exchange on Wednesday.

The land is composed of four parcels -- two of which are under a long-term lease until Dec. 2027 with Ayala Group's Integrated Micro-Electronics Inc. (IMI) for its electronics manufacturing facilities.

"The 98,000 sqms of land that directly generates lease income from IMI will start to contribute to AREIT’s income starting January 2021, adding to the earnings generated by the company’s existing buildings," AREIT said.

The technopark land area is the fifth property under AREIT's portfolio, which included Solaris One, Ayala North Exchange, McKinley Exchange, Teleperformance Cebu and Ayala The 30th mall.

This raises its recurring income portfolio to 344,000 sqms of leasable space, having a total property value of P37 billion.

AREIT is the first real estate investment trust (REIT) in the country. Since listing at the Philippine Stock Exchange last Aug. 13, the company is 45-percent owned by the public and 54-percent owned by Ayala Land.

RELATED VIDEO

Watch more News on iWantTFC