Metro Manila (CNN Philippines, June 15) — The Villar group’s VistaREIT, Inc. received a muted response during its debut on Wednesday as local market concerns soured investors’ mood.
Shares of VREIT still ended flat at ₱1.75 each despite the drop in the bellwether Philippine Stock Exchange index (PSEi).
“VREIT had a lukewarm reception during its listing and would have finished much higher if not weighed by market sentiment as a whole, with the PSEi already drifting towards oversold territory,” Regina Capital Development Corp. Head of Sales Luis Limlingan said in a Viber message.
But its president and chief executive officer Paolo Villar is keeping his bullishness about the economy as the Philippines embraces the new normal.
“We aim to be among the leading diversified commercial REITs in the Philippines in terms of portfolio, profitability, growth, sustainability and dividend yield,” he said in a statement.
“We are optimistic about the prospect of a reinvigorated economy due to the easing of the restrictions, VREIT sees a robust foundation, its synergies with the Villar-group retail ecosystem,” the official added.
VREIT, the flagship mall and office REIT (real estate investment trust) of Vista Land, has a portfolio of 10 community malls and two PEZA-registered office buildings with an aggregate gross leasable area of 256,404 sqm.
The malls are located in Vista Land’s integrated developments, serving as a one-stop shop for its residents in Las Piñas City, Bacoor City, General Trias City, Imus City, Municipality of Tanza, Antipolo City, San Jose Del Monte, San Fernando, and Talisay City, Cebu. The office buildings are located in Taguig City and Bacoor City.
The firm is banking on Vista Land’s massive commercial assets, composed of 31 malls, seven office buildings, and 69 commercial centers with a combined gross floor area of 1.6 billion sqm. Vista Land also has about 3,000 hectares of raw land.
