Ayala-backed AREIT prices PH’s first REIT IPO, trims target to $249m

Ayala-backed AREIT prices PH’s first REIT IPO, trims target to $249m

A trader takes orders on a telephone at the Philippine Stock Exchange. Source: Reuters

AREIT Inc, the Philippines’ first-ever real estate investment trust (REIT) sponsored by listed property giant Ayala Land Inc, has priced its initial public offering (IPO) at 27 pesos per share as it seeks to raise up to 12 billion pesos ($249 million).