AREIT gears up for growth, names new president/CEO

MANILA, Philippines — AREIT Inc., the listed real estate investment trust of the Ayala Group, is gearing up for its next chapter of growth with the appointment of a new president and chief executive officer.

AREIT’s board has elected Jose Eduardo Quimpo II as the company’s director, president and CEO to serve the unexpired term of Carol Mills, who is set to focus on her role as president and CEO of Ayala Land Offices.

Quimpo was appointed as a member of the AREIT board’s executive committee and sustainability committee, while Augusto Bengzon, one of the company’s incumbent directors, was appointed as a member of the executive committee

AREIT recognized Mills for her crucial role in leading the company through its initial public offering (IPO) in August 2020 amid challenging circumstances during the pandemic and effectively restructuring a single property company into the first, largest and most diversified Philippine REIT.

“During her term as president and CEO, she drove AREIT’s growth by leveraging Ayala Land’s position as the top office developer in the country, unlocking synergies with Ayala Land Offices Inc., where she also concurrently serves as president and CEO,” AREIT said.

“Under her leadership, she successfully diversified AREIT’s portfolio by acquiring offices, malls, hotels, and industrial land, quadrupling the value of its assets under management since the IPO,” it said.

Quimpo, a vice president at Ayala Land, is now tasked to lead AREIT toward asset diversification and continued value accretion as part of the next phase of the company’s journey.

With his background in investment banking and capital markets, AREIT said Quimpo would look to drive the company to a market capitalization level at par with regional REITs.