VistaREIT, Inc. (VREIT), the commercial real estate investment trust of integrated property developer Vista Land & Lifescapes, Inc., is planning to raise up to P9.18 billion from its initial public offering.
In a statement, VREIT said it has filed a registration statement with the Securities and Exchange Commission for its planned IPO of up to 3.33 billion secondary common shares at a maximum offer price of up to P2.50 per offer share, with an overallotment option of up to 333.75 million secondary common shares.
The offer shares will be sold by Vista Land’s subsidiaries – Masterpiece Asia Properties Inc. (MAPI), Manuela Corporation, Communities Pampanga, Inc., Crown Asia Properties, Inc., and Vista Residences, Inc. (the Selling Shareholders).
The offer shares will be listed and traded on the Main Board of The Philippine Stock Exchange, Inc. (PSE) under the trading symbol VREIT.
VREIT is set to be the flagship office and mall REIT of Vista Land, and aims to be among the leading diversified commercial REITs in the Philippines in terms of portfolio, profitability, growth, sustainability and dividend yield.
The company will have an initial portfolio of 10 community malls and two PEZA-registered office buildings with an aggregate gross leasable area (GLA) of 256,404 sqm.
The malls are located in Vista Land’s integrated developments, which serve 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.
Over the last three years, the properties have enjoyed consistently high occupancy rates of 93 percent to 100 percent of their respective GLAs.
In terms of performance, the properties delivered sustained rental income growth even at the height of the pandemic given the essential nature of its mall tenants.
Vista Land, through the Selling Shareholders, infused the 12 commercial assets into VREIT via a property-for-share swap.
VREIT has mandated China Bank Capital Corporation as issue coordinator, and together with BDO Capital & Investment Corporation, PNB Capital and Investment Corporation, RCBC Capital Corporation, and SB Capital Investment Corporation as joint lead underwriters and bookrunners.
Abacus Capital and Investment Corporation has also been mandated as a participating underwriter.
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