AREIT Inc., a real estate investment trust sponsored by Ayala Land Inc., concluded its P12.3-billion initial public offering amid the current volatile trading environment because of the coronavirus pandemic.
Ayala Land said in a disclosure to the stock exchange the AREIT offering, the country’s first REIT IPO, was well-received by the market as the firm offer was two times oversubscribed.
The deal was more than fully covered with broad distribution across retail investors and high-quality international and domestic institutional investors.
Over 3,300 local small investors also participated in the offering.
“AREIT’s IPO is not only for Ayala Land, but also for the continued development of the Philippine capital markets. Since the REIT law was passed in 2009, domestic and foreign investors have been eagerly awaiting to invest in REITs in the Philippines,” AREIT chairman Jose Emmanuel Jalandoni said.