AREIT Offer Period Completed

AREIT, Inc. (AREIT), the first Philippine REIT, officially completed the offer period for its initial public offering of up to 456,883,000 common shares (the “Firm Offer”), consisting of 47,864,000 common shares to be issued by AREIT on a primary basis, and 409,019,000 existing common shares offered by the Sponsor, Ayala Land, Inc (PSE: ALI), pursuant to a secondary offer, with an over-allotment option of up to 45,688,700 shares, at a price of PhP 27.00 per share.

Of the Firm Offer, 319,818,100 shares (or approximately 70%) were offered to qualified institutional buyers (“QIBs”) (i) based in the Philippines, and (ii) located outside the United States in accordance with Regulation S. Meanwhile, 137,064,900 shares (or approximately 30% of the Offer) were offered to all REIT-eligible trading participants (“TPs”) of the PSE and to local small investors (“LSIs”). The total offer made available to TPs and LSIs were 91,376,600 and 45,688,300 shares, or approximately 20% and 10% of the Firm Offer, respectively.

The landmark deal and the introduction of the new asset class was well-received by the market, with the deal more than fully covered with broad distribution across retail investors as well as international and domestic institutional investors. The Firm Offer was 2x oversubscribed. High-quality domestic and international institutional investors locked-in demand for the Philippines’ first REIT notwithstanding the continuing COVID-19 global pandemic. In addition, the TP tranche was also oversubscribed with the participation of 96 eligible Trading Participants. More than 3,300 investors participated in the Offer via the LSI tranche.

With the completion of the offer period, AREIT is targeting to list on August 13, 2020.

BPI Capital Corporation is the Sole Global Coordinator and Joint Bookrunner for the IPO while UBS AG Singapore Branch is the Sole International Bookrunner for the international tranche of the IPO. BPI Capital Corporation, PNB Capital and Investment Corporation, and SB Capital Investment Corporation, are collectively Underwriters for the domestic tranche, and together with the Sole International Bookrunner, have entered into underwriting agreements for the respective tranches of the IPO.

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