Property developer Ayala Land Inc. has executed a property for share swap deal valued at P11.25 billion with its real estate investment trust, Areit Inc.
The buildings which will be infused into Areit have an overall occupancy of between 91 percent and 99 percent. These are eBloc 1 which was completed in 2009 and has a gross leasable space of 20,842 square meters; eBloc 2 has 27,727 sq. m.; eBloc 3 , 15,233 sq.m.; eBloc 4 , 16,167 sq. m.; ACC Tower , 27,517 sq. m.; and Tech Tower 1 , 16,813 sq. m.
The assets were valued using the discounted cashflows approach as the primary method to estimate the fair value of the Areit shares and the properties.
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