AREIT to acquire Fairmont Raffles, major malls in ₱20-billion property swap

AREIT to acquire Fairmont Raffles, major malls in ₱20-billion property swap

AREIT Inc., the real estate investment trust sponsored by Ayala Land Inc., agreed to acquire two luxury hotels and five shopping malls from its parent developer in a transaction valued at ₱19.95 billion.In a disclosure to the Philippine Stock Exchange, AREIT said the property injection consists of a ₱17.33 billion property-for-share swap alongside a ₱2.62 billion direct cash transaction.Under the equity arrangement, Ayala Land and its subsidiari…

Sime Darby Property to buy 557 acres in Kulai to build RM3b township

PETALING JAYA (Aug 11): Sime Darby Property Bhd is proposing to acquire 556.96 acres of freehold land in Kulai, Johor, from SD Guthrie Bhd for RM418....