AREIT Inc., the real estate investment trust of Ayala Land Inc. (ALI), said Friday that it had received regulatory approval from the Securities and Exchange Commission (SEC) for a P28.6-billion property-for-share swap deal with ALI and three other firms.

The transaction involved the issuance of some 841.3 million AREIT primary common shares to ALI, Greenhaven Property Ventures Inc., Cebu Insular Hotel Co. Inc., and Buendia Christiana Holdings Corp. (BCHC), in exchange for four commercial buildings located in Ayala Center Makati and Ayala Center Cebu, as well as a 276-hectare parcel of industrial land in Zambales with an aggregate value of P28.6 billion.

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