AREIT completes acquisition of Teleperformance in Cebu
Iris Gonzales (The Philippine Star) - September 17, 2020 - 12:00am

MANILA, Philippines — Ayala Land Inc.’s AREIT Inc. has completed  its acquisition of Teleperformance in Cebu (TP Cebu), boosting its portfolio of REIT (real estate investment trust) assets.

AREIT president Carol Mills said the acquisition of TP Cebu is strategic for the company.

“Most BPOs in Metro Manila have expansion sites and operations in Cebu because of its strong talent pool.  Like in Metro Manila, Ayala Land has a significant share in the Cebu office market,” Mills said.

TP Cebu is a Grade-A, PEZA-accredited, and LEED Gold Certified Business Process Outsourcing (BPO) development located in Cebu I.T. Park.

With 100 percent occupancy level, it comprises 17,682 square meters leased by Teleperformance and 410 sqm leased by McDonald’s.

“The addition of TP Cebu to AREIT’s portfolio will increase its total GLA from nearly 153 thousand sqm to 172,000 sqm,” Mills said.

The project was completed in 2013 with a total gross leasable area (GLA) of 18,092 sqm.

AREIT is the first REIT in the country, offering 456.88 million common shares to the public.

Its other properties are three Grade A properties in Makati City, namely Ayala North Exchange, Solaris One and McKinley Exchange.

Companies that own and operate income-generating real estate assets are considered REIT companies. These include offices, apartment buildings, hotels, warehouses, shopping centers and highways.

The REIT Act allows REIT companies to list and trade its shares of stock in the stock market as an alternative means to raise funds for property development and expansion initiatives.

With the law, investors have access to dividend-based income, inflation protection, and portfolio diversification and broadens investment options for Filipinos.

BPO
Philstar
  • Latest
  • Trending
Latest
Are you sure you want to log out?
X
Login

Philstar.com is one of the most vibrant, opinionated, discerning communities of readers on cyberspace. With your meaningful insights, help shape the stories that can shape the country. Sign up now!

FORGOT PASSWORD?
SIGN IN
or sign in with