Vista Land & Lifescapes Inc. will venture into real estate investment trust (REIT).
The company said unit VistaREIT Inc. (VREIT) has filed for a P9.18-billion initial public offering.
VREIT will offer up to 3.33 billion secondary common shares at an offer price of up to P2.50 per share, with an greenshoe option of up to 333.75 million secondary common shares.
Selling shareholders are Vista Land subsidiaries — Masterpiece Asia Properties Inc. , Manuela Corp., Communities Pampanga, Inc., Crown Asia Properties Inc., and Vista Residences Inc.
“The offer shares will be listed and traded on the Main Board of The Philippine Stock Exchange Inc. under the trading symbol VREIT,” the company said.
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 Philippine Economic Zone Authority-registered office buildings with an aggregate gross leasable area of 256,404 square meters.
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.
Vista Land said the properties have enjoyed consistently high occupancy rates of 93 percent to 100 percent of their respective gross leasable area over the last three years.
“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,” the company said.
VREIT has mandated China Bank Capital Corp. as issue coordinator, and together with BDO Capital & Investment Corp., PNB Capital and Investment Corp., RCBC Capital Corp., and SB Capital Investment Corp. as joint lead underwriters and bookrunners.
Abacus Capital and Investment Corp. has also been mandated as a participating underwriter.
