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AREIT Inc—the real estate investment trust controlled by billionaire Jaime Zobel de Ayala and his family’s Ayala Land Inc. (ALI)—said last week it has agreed to buy prime properties worth 30 billion pesos ($542 million) from its parent and affiliate companies.
Areit Inc., the real estate investment trust (REIT) of Ayala Corp., on Thursday said it will make its largest acquisition of prime commercial properties next year. The company said it intends to acquire offices, shopping malls, and resorts from its sponsor, Ayala Land Inc. (ALI), worth some P23 billion. Areit…