The story
The legal framework enabling the establishment of REITs in the Philippines have been in place after the Real Estate Investment Trust Act of 2009 (Republic Act No. 9856) passed into law on December 17, 2009. But restrictive tax policies and high friction cost discouraged the setting up of REITs in the country.
After regulations on REITs were relaxed in January 2020, Ayala Land announced in February 2020 that its subsidiary AREIT has filed a REIT offering to the Securities and Exchange Commission (SEC). AREIT Inc. was originally established as a real estate company under the name One Dela Rosa Property Development Inc. changing its name to AyalaLand REIT, Inc. on April 12, 2019, prior to adopting its current name on June 28, 2019.
AREIT had its initial public offering in the Philippine Stock Exchange on August 13, 2020, becoming the first listed REIT in the Philippines. AREIT recorded an income of ₱1.1 billion during the January to September 2020 period, which is three percent higher than its REIT plan.
From Wikipedia’s article on AREIT, Inc., shared under CC BY-SA 4.0.4