MANILA— Ayala Land Inc’s real estate investment trust AREIT on Friday said it is “on track” to become carbon neutral by the yearend as it marks its first year since its initial public offering.
AREIT also aims to achieve net zero emission by the end of 2022, it said in a disclosure to the stock exchange.
“AREIT endeavors to deliver site resilience, pedestrian mobility and connectivity, resource efficiency and local economic development through its commercial properties,” it said.
“AREIT is on-track to achieve carbon neutrality by yearend and targets net zero emission by end 2022 for its current buildings, contributing to Ayala Land’s carbon neutrality in the same year,” it added.
AREIT is the first financial instrument of its kind to debut in the Philippine Stock Exchange followed by DoubleDragon’s DDMP.
From its IPO price of P27, it has reached a 52-week high of P37 “backed by strong local and retail investor demand,” Ayala Land said.
Following the debut of AREIT and DDMP, other real estate firms have also filed for REITs IPO.
Filinvest Land Inc, Robinsons Land, and Megaworld Corp are in various stages of REIT debut approval.
REITs allow investors to participate in real estate rental income through dividends.
Philippine Stock Exchange president Ramon Monzon earlier said more Filipinos are now investing despite the pandemic. In January, local investors made up 25.9 percent of total retail investors versus 18.2 percent a year ago, he said.