Filinvest to raise P15B from REIT

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    Filinvest Land Inc. expects to raise P14.92 billion from its real estate investment trust (REIT) sale.

    The company’s REIT unit, Filinvest REIT Corp. formerly Cyberzone Properties Inc., is offering to the public a total of 1.79 billion secondary shares of Filinvest REIT at an offer price of up to P8.30 per share.

    The share sale is divided into an initial 1.63 billion shares covering the firm share and another 163.42 million shares covering the greenshoe option. The shares represent at least one third of the outstanding capital stock of the the company post-initial public offer (IPO).

    The share sale will be handled by BPI Capital Corp., and UBS as joint global coordinator and bookrunner.

    Approximately 70 percent of the share sale will be offered to institutional buyers locally and overseas.