Areit Inc., the country’s first real investment trust (REIT), has set its initial public offering (IPO) price at P27 a share, lower than its indicative price of P30.05 apiece.

In a disclosure on Thursday, Areit sponsor Ayala Land Inc. said the P12.34-billion IPO would “provide a new asset class to the public, allowing investors to diversify their portfolio and democratize ownership of real property assets in the Philippines.”