Angara Abello Concepcion Regala & Cruz Law Offices (ACCRALAW), Allen & Overy and Dechert advised the Ayala Land-backed AREIT on its $276.65 million IPO, with Picazo Buyco Tan Fider & Santos Law Offices and Latham & Watkins representing the lead managers and book runners.

AREIT is the Philippines’ first real estate investment trust (REIT), and the IPO is the country’s first REIT IPO. 

According to the Inquirer, the pioneering IPO was oversubscribed by twice the base offer size, with high-quality domestic and international institutional investors participating in the book-building. About 70 percent of the firm offer shares were distributed to qualified institutional buyers in Philippines and abroad.


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