SEC expects formation of more REITs

More real estate investment trusts (REITs) are undergoing regulatory review, an official said Wednesday, following the debuts of DoubleDragon and Ayala Land, according to a report by ABS-CBN.

"We already approved at our level sa DD [DoubleDragon], there are like 4 or 5, it is still being undergoing some processes, but we are expecting quite a number of REITs that is forthcoming," Securities and Exchange Commission chairman Emilio Aquino said in a virtual briefing.

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DoubleDragon earlier said it has secured the approval of both the SEC and the Philippine Stock Exchange for the initial public offer of its P14.71 billion real estate investment trust.

Ayala Land's AREIT is the first real estate investment trust to list in the stock exchange.

REITs involve leasing of real estate assets and the distribution of income to shareholders through dividends. 

The SEC said fund raising in capital markets rose in 2020, as quarantined Filipinos searched for ways to make their money earn. 

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“Real estate cannot be lost or stolen, nor can it be carried away. Purchased with common sense, paid for in full, and managed with reasonable care, it is about the safest investment in the world.” 

-Franklin D. Roosevelt

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