MANILA, Philippines — Ayala Land-backed AREIT Inc. is strengthening its leadership team as the country’s largest listed property trust moves toward another major expansion, appointing veteran capital-markets executive Eduardo Javier P. Carballo as its new chief operating officer.
Carballo, 53, brings more than 25 years of experience in debt capital markets, treasury strategy and large-scale financing across Asia-Pacific, the United States, Europe and emerging markets. According to AREIT’s Philippine Stock Exchange disclosure, he has been involved in approximately US$20 billion in bond issuances and another US$20 billion in loan financings during his regional leadership career.
His appointment comes at a potentially pivotal moment for AREIT, which is simultaneously reporting strong earnings growth and preparing for a proposed ₱20-billion asset expansion backed by Ayala Land and its subsidiaries.
A seasoned dealmaker takes the operating helm
Before joining AREIT, Carballo served as Managing Director and Head of Debt Capital Markets for Southeast Asia and India at Crédit Agricole Corporate and Investment Bank in Singapore.
His background includes advising CEOs, CFOs, boards, sovereign entities, financial institutions and major corporations on capital structures, funding strategies, investor engagement and sustainable financing. He has also participated in green, sustainability-linked and transition-financing transactions across Asia.
Carballo earned his MBA from the Kellogg School of Management at Northwestern University in 2000 and his bachelor’s degree from Ateneo de Manila University in 1995.
The PSE disclosure says the AREIT board approved the creation of the COO position to strengthen operational oversight and execution capabilities as the REIT’s portfolio continues to grow.
Importantly, AREIT subsequently amended its disclosure to clarify that Carballo’s appointment becomes effective September 7, 2026.
Why the appointment matters
The leadership move comes as AREIT is entering another significant phase of portfolio expansion.
For the first half of 2026, AREIT reported ₱7.7 billion in total revenue, up 30% year-on-year, while EBITDA increased 34% to ₱5.8 billion. Net income, excluding the net fair-value change in investment properties, climbed 36% to ₱5.8 billion.
Its assets under management stood at approximately ₱159.4 billion at the end of June.
But the bigger story may be what is still ahead.
Ayala Land is preparing another multibillion-peso asset transfer
AREIT’s board has approved a proposed property-for-share transaction involving several major Ayala Land assets.
The proposed transaction would involve approximately 462.48 million new AREIT common shares in exchange for six properties:
- Glorietta 4 Mall in Makati
- Ayala Malls Capitol Central in Bacolod
- Ayala Malls Circuit in Makati
- Ayala Malls Cloverleaf in Quezon City
- New World Makati Hotel
- Seda Vertis North in Quezon City
The six properties carry an aggregate transaction value of approximately ₱17.33 billion, with the shares priced at ₱37.48 each based on the transaction structure and a third-party fairness opinion.
AREIT’s board also approved the proposed ₱2.62-billion cash acquisition of Fairmont Raffles Hotel Makati, bringing the overall planned asset expansion to roughly ₱20 billion.
If completed, the transactions are expected to lift AREIT’s assets under management to around ₱179 billion.
The additional properties would also contribute nearly 350,000 square meters of building gross leasable area, taking AREIT’s total GLA to roughly 5 million square meters, including industrial land.
From office-heavy REIT to more diversified property giant
The proposed transactions would further reshape AREIT’s portfolio.
After the planned infusion, offices are projected to account for about 53% of AUM, while retail would represent 33%, hotels 9% and land 5%.
That diversification is significant because AREIT would gain greater exposure to retail and hospitality assets alongside its established office portfolio.
The mall assets are expected to use direct lease arrangements, while the hotels would employ hybrid master leases combining fixed base rent with a variable component linked to hotel revenues.
That structure could give AREIT a combination of predictable rental income and greater participation in the operating performance of its hospitality assets.
The next major test comes in September
The proposed asset infusion still requires shareholder and regulatory approvals.
AREIT has scheduled a Special Stockholders’ Meeting for September 23, 2026, where shareholders are expected to consider the proposed asset transactions. The meeting will be conducted virtually.
That makes Carballo’s arrival particularly notable.
AREIT is not simply adding another executive to its management team. It is creating a new COO position at a time when the company is preparing to manage a substantially larger and more diversified property platform.
And Carballo’s career is heavily rooted in the kind of financing, capital structuring and institutional transactions that have helped shape AREIT’s growth story.
Ayala Land’s broader strategy is also under pressure
The AREIT expansion comes against a more challenging backdrop for its sponsor, Ayala Land.
ALI reported ₱11.5 billion in first-half 2026 net income, down 19% from ₱14.2 billion a year earlier, while first-half revenue declined by nearly 10% to ₱75 billion.
At the same time, Ayala Land’s leasing and hospitality businesses continued to provide support, with first-half revenues from those businesses rising 9% year-on-year to ₱25.2 billion.
The planned transfer of additional income-generating assets into AREIT therefore fits into a broader strategy of expanding the group’s recurring-income platform while unlocking capital from mature properties.
What investors will be watching
Carballo’s appointment and AREIT’s proposed asset infusion point toward a company preparing for its next stage of growth.
The immediate milestones are clear: Carballo formally assumes the COO role on September 7, followed by AREIT’s special stockholders’ meeting on September 23, where shareholders will have a key say in the proposed expansion.
If the transactions receive the necessary approvals, AREIT would emerge with approximately ₱179 billion in assets under management, a roughly 5-million-square-meter GLA footprint and a significantly more diversified mix of offices, malls, hotels and industrial land.
For investors, the bigger question is no longer simply how large AREIT can become—but how effectively it can operate and monetize a rapidly expanding portfolio.
That is precisely where its new COO, a veteran of some US$40 billion worth of combined bond and loan financings, could become an important figure in AREIT’s next chapter.
WWC ONE MEDIA MJE
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