Filinvest REIT Corp. (FilREIT) said it has paid its P6 billion bonds that carry a tenor of five years and six months Monday.
The bonds were issued on July 7, 2017, and set to mature on January 7, 2023.
Since the maturity fell on a Saturday, FilREIT said it was paid in full the following business day, January 9.
The real estate investment trust (REIT) sponsored by Filinvest Land Inc., meanwhile, said it is planning to expand its asset portfolio by 64 percent or 164,417 square meters (sq.m.) in gross leasable area (GLA) over the next three years.
FilREIT said it is targeting assets owned by Filinvest Land Inc. (FLI) although its future acquisitions are not limited to assets owned by FLI and it is open to acquire from third parties as long as they meet its investment criteria.
“FLI has an extensive list of properties within the Philippines that have good potential for qualification for future infusions,” it said.
Under its REIT plan, FLI granted FilREIT a right of first refusal over all its significant commercial properties and its wholly-owned subsidiaries that could qualify as REIT assets under the REIT Law.
This excludes land and projects intended for FLI’s trading business, such as condominium units that are temporarily leased out.
The grant of the right will be valid as long as the company continues to be a REIT under the REIT Law and is at least majority owned by the Filinvest Group.
FilREIT has identified six additional office buildings for infusion that are located in Clark, Pampanga, Makati and Pasay, with a total GLA of 94,786 sq.m.
Two additional buildings within the existing FilREIT areas are also targeted for infusion, which will bring the total planned assets for infusion to eight buildings with an aggregate GLA of 164,417 sq.m.
All these assets are targeted to be acquired sometime between 2023 to 2025 that will increase its total GLA, from 301,362 sq.m. during its initial public offering to 494,865 sq.m. in GLA by 2025, or an increase of 64 percent.
FilREIT said it will continue to build a pipeline of possible commercial properties for asset infusion. – Ruelle Castro
