The Philippines’s first listed real estate trust, AREIT, is to receive an asset “infusion” from its parent AyalaLand, to add PHp22.5bn (€385m) of offices and malls to its portfolio.

The property-for-share-swap transaction involves PSE-listed AREIT issuing 607.6m shares to its sponsor AyalaLand for the Glorietta 1 and 2 malls and BPO buildings, as well as the brand new One Ayala Avenue BPO towers.

AREIT said that the asset injection would lift its assets under management to PHp87bn – a nearly three-fold rise from its listing three years ago.

“The rebound of commercial businesses is an opportunity for AREIT to widely diversify its assets with more retail buildings,” said AREIT president and CEO, Carol T Mills.

Since its initial public offering three years ago, AREIT has exceeded its growth plans, resulting in a 52% total shareholder return, the trust said.

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