The Philippine Stock Exchange (PSE) has approved Filinvest REIT Corp.’s P14.92-billion initial public offering (IPO) plan.
Filinvest REIT will be the third REIT entity to list with the PSE. The REIT sale is sponsored by Filinvest Land Inc.
Filinvest REIT, formerly Cyberzone Properties Inc., is looking to issue to the public 1.79 billion secondary shares at an offer price of up to P8.30 per share, divided into an initial 1.63 billion shares, covering the firm share, and another 163.42 million shares covering the greenshoe option. The share sale will be handled by BPI Capital Corp., and UBS as joint global coordinator and bookrunner. Filinvest REIT expects to conduct the REIT IPO between July 26, 2021 to Aug. 3, 2021, with listing eyed on Aug. 12, 2021.
The final offer price will be determined on July 19, 2021 after the company conducts its book-building process.
“The third REIT company is set to join our roster of listed firms and we trust that this will send a strong signal for more companies to consider REIT listing as a viable mechanism to raise capital for their expansion plans; as well as provide our investors alternative investment opportunities,” said Ramon Monzon, PSE president.
Filinvest REIT is registered with the PEZA as an economic cone facilities enterprise who owns and operates the IT buildings in Northgate Cyberzone, located within Filinvest City. It was incorporated on January 14, 2000 and began commercial operations on May 1, 2001.
Filinvest REIT also owns office buildings in Filinvest Cyberzone Cebu in Cebu City.
Its portfolio consists of 16 office towers (one with a retail component) in Northgate Cyberzone, Alabang, and one office tower with a retail component in Cebu City.
It has a total gross leasable space (GLA) of 299,158 square meters (sq.m.) in office space, and 2,204 sq.m., in GLA of retail spaces.
Filinvest REIT tapped ProOffice Work Services Inc. and FREIT Fund Managers, Inc. as property manager and fund manager, respectively.
