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Philippines' young REIT market snubbed by foreign investors

But Ayala-backed maiden trust manages solid showing in initial year

DD Meridian Park in Manila. The property is in the portfolio of DoubleDragon Properties' REIT set to launch March 19. (Photo by Jun Endo)

MANILA -- The first year of loosened regulations on real estate investment trusts in the Philippines has brought one successful listing but little of the foreign capital that the government had hoped to attract.

The first REIT to go public under the relaxed criteria implemented in January 2020 was AREIT, backed by the Ayala conglomerate. "As the first Philippine REIT, AREIT performed consistently, delivering dividends and growing its assets," President Carol Mills said in late February.

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