Metro Manila (CNN Philippines, March 28) — Business tycoon Manny Villar’s real estate investment trust (REIT) company has filed for an initial public offering that seeks to raise nearly ₱9.18 billion, the Securities and Exchange Commission confirmed Monday.
The SEC said it has received the registration statement of VistaREIT Inc. for its planned maiden offering of up to 3.33 billion secondary common shares, each priced ₱2.50. It also has an overallotment option of 333.75 million shares.
“VistaREIT is envisioned to be the flagship office and mall REIT of Vista Land, one of the country’s largest integrated real estate developers, and aims to be among the leading diversified commercial REITs in the Philippines in terms of portfolio, profitability, growth, sustainability, and dividend yield,” read its prospectus.
The company’s portfolio consists of 10 community malls and two office buildings with a gross leasable area of 256,403.95 square meters. Its aggregate appraised value is at ₱35.95 million, added VistaREIT.
Vista Land & Lifescapes Inc.’s subsidiaries Masterpiece Asia Properties Inc., Manuela Corp., Vista Residences Inc., Crown Asia Properties Inc., and Communities Pampanga Inc. will serve as the sponsors of VistaREIT.
The document further noted that offer shares will be listed and traded on the Philippine Stock Exchange’s main board under the ticker symbol VREIT. The offer is eyed to run from April 22-28.
VistaREIT has tapped BDO Capital & Investment Corp., China Bank Capital Corp., PNB Capital Investment Corp., RCBC Capital Corp., and SB Capital Investment Corp. as joint lead underwriters and bookrunners.
Meanwhile, Abacus Capital & Investment Corp. will serve as participating underwriter.
