AREIT Inc. expects to complete the purchase of the 275.91-hectare property in Zambales from sister company ACEN Corp. by the latter half of next year.
AREIT also expects the completion of the share for asset swap with ACEN Corp. by mid of 2025.
AREIT said it expects to get regulatory approval from the Securities and Exchange Commission (SEC) and the Bureau of Internal Revenue (BIR) by the third quarter and fourth quarter of 2024, respectively.
By the second or third quarter of 2025, AREIT sees the approval by the Philippine Stock Exchange (PSE) for a listing of the shares up for swap with the Zambales property.
The property is an industrial land owned by ACEN unit Buendia Christiana Holdings Corp.
AREIT will be exchanging 199.11 million shares in a transaction valued at P6.77 billion.
AREIT said the P34 per share valuation of the share for asset swap is a 3.75 percent premium over its 30-day volume weight average price of P32.77 determined on November 16.
“The property is expected to contribute to operating cashflows and increase the dividends per share upon approval. It will provide a guaranteed, stable stream of cashflows over the next 25 years and an annual escalation of 1.5 percent, valued at a 6.92 percent capitalization rate,” AREIT said.
