AREIT buys P5.1-B office mall
AREIT Inc., the real estate investment trust sponsored by Ayala Land Inc., has acquired a mall and office development in Pasig City from the real estate giant for P5.1 billion. In a disclosure to the Philippine Stock Exchange, AREIT said it is buying The 30th, a 76,000 square meter commercial development located along Meralco Avenue in Pasig City. “The asset will increase AREIT’s portfolio to 246,000 square meters of GLA from 170,000 square meters and will contribute to its net income and dividends in 2021,” AREIT said. The 30th is a commercial development that was planned and developed by Ayala Land and completed in 2017. The office building is fully occupied predominantly by BPO companies. The 30th includes an amenity retail podium which will be operated and leased by Ayala Land from AREIT. Simultaneous to the acquisition of the building by AREIT, ALI will assign the long-term land lease to AREIT. AREIT wil lease office spaces to tenants, and the retail podium to Ayala Land under a fixed lease as operator of the retail spaces. The acquisition will be funded through debt. It will be a cash purchase with the installment schedule to be agreed by the parties. Currently, AREIT has no debt thereby allowing it to acquire assets that are yeld accretive through leverage. “This demonstrates AREIT’s ability to grow its portfolio and add value to its shareholders while its Sponsor, Ayala Land, Inc. can recycle the capital for its real estate projects in the Philippines,” AREIT said......»»
AREIT buys P5.1-B office mall
AREIT Inc., the real estate investment trust sponsored by Ayala Land Inc., has acquired a mall and office development in Pasig City from the real estate giant for P5.1 billion. In a disclosure to the Philippine Stock Exchange, AREIT said it is buying The 30th, a 76,000 square meter commercial development located along Meralco Avenue in Pasig City. “The asset will increase AREIT’s portfolio to 246,000 square meters of GLA from 170,000 square meters and will contribute to its net income and dividends in 2021,” AREIT said. The 30th is a commercial development that was planned and developed by Ayala Land and completed in 2017. The office building is fully occupied predominantly by BPO companies. The 30th includes an amenity retail podium which will be operated and leased by Ayala Land from AREIT. Simultaneous to the acquisition of the building by AREIT, ALI will assign the long-term land lease to AREIT. AREIT wil lease office spaces to tenants, and the retail podium to Ayala Land under a fixed lease as operator of the retail spaces. The acquisition will be funded through debt. It will be a cash purchase with the installment schedule to be agreed by the parties. Currently, AREIT has no debt thereby allowing it to acquire assets that are yeld accretive through leverage. “This demonstrates AREIT’s ability to grow its portfolio and add value to its shareholders while its Sponsor, Ayala Land, Inc. can recycle the capital for its real estate projects in the Philippines,” AREIT said......»»
AREIT buys Ayala Malls The 30th, raises funds for more buyouts
Apart from Ayala Malls The 30th, AREIT also now owns the building host to Teleperformance Cebu, a business process firm, as well as three office buildings in Makati City namely Solaris One, Ayala North Exchange and McKinley Exchange. .....»»
Ombudsman junks case vs suspended Tabuk City, Kalinga mayor
Tabuk City, Kalinga province Mayor Darwin Estranero will be back to work on April 1 after the case filed against him in connection to the alleged overpricing of medical equipment for his town was dismissed by the Office of the Ombudsman......»»
Church visits are allowed only until 10 p.m. – Police chief
CEBU CITY, Philippines – Church visits on Maundy Thursday will only be allowed until 10 p.m. the chief of the Cebu City police announced on Thursday, March 28. Police Colonel Ireneo B. Dalogdog, City Director of the Cebu City Police Office (CCPO) said that the public is not allowed inside religious places past 10:00 p.m......»»
Cavite declares state of calamity due to pertussis outbreak
The province’s Sangguniang Panlalawigan declared a state of calamity on Wednesday, according to the Cavite’s information office......»»
PRO-Davao no idea of Quiboloy’s whereabouts
THE Police Regional Office-Davao Region (PRO-Davao) has responded to the accusations of Makabayan ACT Teachers Party-List Rep. France Castro that they are “clueless about the whereabouts of Pastor Apollo Quiboloy”......»»
Oplan Harabas yields 3 drivers positive for drugs
FOLLOWING the surprise drug test conducted by the Land Transportation Office (LTO)-Davao and the Philippine Drug Enforcement Agency (PDEA) on public utility vehicles (PUVs) last March 26, 2024, two taxi drivers in Davao City were found to be positive for drugs......»»
New DCPO chief pledges technology-driven approach
THE new director of the Davao City Police Office (DCPO) underscored the utilization of technology to streamline their operations......»»
Negros Occidental health office urges masking amid pertussis threat
The Negros Occidental provincial health office is campaigning for the use of face masks amid the threat of pertussis or ”whooping cough.”.....»»
Makati swelters with 43.5 degrees heat index
The heat index in Makati yesterday reached a “dangerous” level of 43.5 degrees Celsius, according to the city’s Disaster Risk Reduction and Management Office......»»
DOTr: 2.2 million more plastic cards to be delivered
Transportation Secretary Jaime Bautista inspected yesterday the one million delivered plastic cards to be used for the printing of driver’s licenses, at the Land Transportation Office central office in Quezon City......»»
Danao City ‘gun maker’ nabbed in raid
CEBU CITY, Philippines – A 39-year-old man, who was accused of the illegal manufacture of guns, was arrested in a raid in his residence in Sitio Sapangdako, Barangay Matija, Danao City in northern Cebu, Tuesday dawn, March 26. In a report, the Cebu Police Provincial Office (CPPO) said that the raid was based on a.....»»
Dingdong may bagong na-achieve bilang sundalo ng Philippine Navy
IBINANDERA ng Kapuso Primetime King at Box-Office King na si Dingdong Dantes ang pinaka-latest achievement na kanyang nakamit. Matapos sumabak sa isang matinding military training para sa pagiging reservist ng Philippine Navy, isa na rin siya ngayong certified naval combat engineering officer. Baka Bet Mo: Sharon ipinakilala ang isa pang ‘anak’ sa US: Napakaguwapo, iyan.....»»
New DCPO chief to focus on personnel morale, asset optimization
THE Davao City Police Office (DCPO) bid farewell to PCol. Alberto Lupaz and welcomed its new City Director, PCol. Richard Bad-ang, in a turn-over ceremony at the Camp Captain Domingo E. Leonor on March 22......»»
Public utility trike operators urged to renew franchise, warned vs overpricing
THE Davao City Transport and Traffic Management Office (CTTMO) conducted a dialogue with the different Tricycle Operators and Drivers’ Associations (Todas) of Toril District to remind drivers of the provisions of the Traffic Code of the City......»»
‘Our Dream’: K-pop boy band BtoB to hold fan-con in April
The K-pop boy band BtoB, also known as Born to Beat, is poised to come back to Manila on April 7 at the SM Mall of Asia for a fan-con labeled as “2024 BTOB Fan-Con Our Dream.”.....»»
LCPO gets an acting city director
LAPU-LAPU CITY, Cebu — The Lapu-Lapu City Police Office (LCPO) has a new acting city director following the promotion and transfer of Police Colonel Elmer Lim to another region. This was confirmed by Police Lieutenant Colonel Christian Torres, spokesperson for the LCPO. Torres stated that Police Colonel Noel Flores, the current Deputy Regional Director for.....»»
Agdao Public Market vendors want variety and vegetable sections merged
DAVAO CITY (MindaNews / 24 March) – Vendors of Agdao Public Market here are asking the city government to merge the Variety and Vegetable Sections into one section claiming they have difficulties in getting customers because of their location. In a letter addressed to Mayor Sebastian Duterte, the City Administrator’s Office, the City Economic Enterprise […].....»»
Scorching Heat
Pedestrians brave the scorching heat in downtown Davao City, as the heat index hit 43 degrees Celsius at 1 p.m. Monday, 25 March 2024, according to the City Disaster Risk Reduction and Management Office. The agency advised the public to observe extreme caution as high temperatures could lead to heat exhaustion or heat stroke. MindaNews photo.....»»
Braving the Heat
BRAVING THE HEAT. Workers install a platform in front of the San Pedro Cathedral in Davao City on Monday, 25 March 2024. The City Disaster Risk Reduction and Management Office reported that the city's heat index reached 43 degrees Celsius at 1 p.m. the same day. The platform is in preparation for Easter Sunday's "Salubong" mass. MindaNews photo.....»»