Areit Inc. has signed a deed of sale with Ayala Land Inc. subsidiary ALO Prime Realty Corp. involving Teleperformance (TP) Cebu. In a statement on Tuesday, Ayala-backed Areit said it bought TP Cebu from ALO for P1.45 billion. It added that the acquisition would increase their dividend yield, consistent with its growth strategy of acquiring prime real estate assets with stable occupancy. Proceeds raised from Areit’s initial public offering were used to buy the property. “The acquisition in Cebu is strategic for Areit. Most BPOs (business process outsourcing) 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,” Areit President Carol Mills was quoted as saying in the statement. Areit shares climbed by 1 centavo or 0.39 percent to end at P25.80 apiece on Thursday.
