An undisclosed buyer agreed to acquire 3 Office Condominium Units at Ayala-Life FGU Center Alabang from AREIT, Inc. (PSE:AREIT) for PHP 42.7 million on November 16, 2023. A cash consideration of PHP 42.69 million will be paid by the buyer. As part of consideration, PHP 42.69 million is paid towards assets of 3 Office Condominium Units at Ayala-Life FGU Center Alabang.
The transaction is subject to approval of merger agreement by the board of AREIT, Inc. (PSE:AREIT). The deal has been approved by the board of AREIT, Inc. (PSE:AREIT).
An undisclosed buyer completed the acquisition of 3 Office Condominium Units at Ayala-Life FGU Center Alabang from AREIT, Inc. (PSE:AREIT) on September 5, 2024.
AREIT, Inc. is a Philippines-based real estate investment trust (REIT). The Company is engaged in the business of commercial leasing of retail and office spaces. The Company owns and invests in commercial portfolio of office, retail, and hotel properties in the Philippines. The Company caters to retail and office tenants. Its investment properties are composed of approximately seven stand-alone buildings, three mixed-used properties, approximately nine condominium office units, and four land parcels. The Company's investment properties are located across various cities in the Philippines, which include Makati City, Cebu City, Bacolod City, Quezon City, Ayala Avenue, Gil Puyat Avenue and Muntinlupa City. AREIT Fund Managers, Inc. is the fund manager.
