AYALA Corp.'s real estate investment trust AREIT Inc. said Friday it would be acquiring 276 hectares of industrial land in Zambales from an ACEN Corp. subsidiary, Buendia Christiana Holdings Corp. (BCHC), via a property-for-share swap.
In a disclosure, AREIT said it would be issuing over 199 million primary common shares to BCHC in exchange for the property, valued at P6.77 billion as validated by a third-party fairness opinion.
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