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No News, AREIT officially acquires Teleperformance Cebu

Pursuant to the REIT Plan dated 24 July 2020, the AREIT entered into a Deed of Absolute Sale with ALO Prime Realty Corporation (“APRC”), a wholly-owned Subsidiary of its Sponsor, Ayala Land, Inc. (“ALI”), for the acquistion of Teleperformance Cebu for purchase price of PhP 1,450,000,000.00, exclusive of value-added taxes. Teleperformance Cebu is a PEZA-registered twelve (12)-storey building, inclusive of two (2) basement parking levels with two hundred thirty-seven (237) parking slots, with a total gross leasable area (GLA) of 18,092 square meters (sqm), located at Inez Villa Street, Cebu I.T. Park (formerly Asiatown I.T. Park), Brgy. Apas, Cebu City.

Initial Payment of PhP290,000,000.00 upon signing of the Deed of Absolute Sale. Balance of Php1,160,000,000.00 to be paid upon complete transfer of the PEZA registration to AREIT.

According to AREIT, the addition of TP Cebu to AREIT’s portfolio will increase its total GLA from nearly 153 thousand sqm to 172 thousand sqm. This maiden acquisition will also increase AREIT’s dividend yield consistent with its growth strategy of acquiring prime real estate assets with stable occupancy.

This has already been disclosed in the REIT Plan and has been priced-in by the market. The money to be used in this acquisition is the proceeds of the issuance of the primary shares of AREIT of 1.3 Billion Pesos. Of the total proceeds of the AREIT public offering of around 13 Billion Pesos only around 1.3 Billion Pesos went to the coffers of AREIT, the majority went to Ayala Land, Inc. (ALI).

Disclaimer and Disclosure: This is an independent analysis for discussion purposes with the aim of giving stock traders and investors an independent perspective.  Accuretti Systems Inc. in the course of day to day trading may have own, or is considering buying or disposing, the shares of the companies mentioned in this commentary.

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