Ayala-backed AREIT Inc. has completed the purchase of Teleformance Cebu, a grade A, PEZA-accredited business process outsourcing building, for P1.45 billion.
In a filing with the Philippine Stock Exchange, AREIT said the acquisition of the 12-story building locoted at the Cebu I.T. Park would boost its total GLA to 172,000 square meters.
Completed in 2013, Teleformance Cebu is 100% occupied with 17,682 sqm leased by Teleperformance and 410 sqm by McDonald’s.
“This maiden acquisition will increase AREIT’s dividend yield consistent with its growth strategy of acquiring prime real estate assets with stable occupancy,” the company said.
AREIT is scheduled to pay quarterly dividends starting this month and is required to payout at least 90% of its income.