ACCRALAW assisted Ayala Land, Inc. (ALI) in the first real estate investment trust (REIT) offering in the Philippines and acted as Philippine counsel to AREIT, Inc. (AREIT) in its initial public offering of 456,883,000 common shares, with an overallotment option of 45,688,700 common shares. On 13 August 2020, AREIT’s shares were listed on The Philippine Stock Exchange, Inc.
The Firm’s lawyers from the Corporate and Special Projects Department, namely Senior Partner Francisco Ed. Lim, Partner Everlene O. Lee, Senior Associates James Patrick O. Alojado and Dan Bernard S. Sabilala, and Associates Mara Kristina O. Recto and Jose Ranulfo R. Mendoza, represented AREIT in the offering.
AREIT’s IPO was awarded as Equity Market Deal of the Year at the 5th Annual ALB Philippine Law Awards 2020 held on 20 November 2020.