FLI eyes P15B REIT IPO

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    Filinvest Land Inc. (FLI) said it looks to list its real estate investment trust (REIT) unit Cyberzone Properties Inc. at the Philippine Stock Exchange.

    The company said it will be selling as much as 1.79 billion secondary shares of Cyberzone Properties at an offer price of up to P8.30 per share, divided into an initial 1.63 billion shares and another 163.08 million shares covering the over-allotment option.

    The shares represent at least one third of the outstanding capital stock of the the company after it is increased to P7.13 billion. Each share has a par value of P0.50.

    Cyberzone Properties is registered with the Philippine Economic Zone Authority as an ecozone facilities enterprise which owns and operates the information technology buildings in Northgate Cyberzone located within Filinvest City.

    The 18.7-hectare Northgate Cyberzone is home to the Philippines’ largest district cooling system to date that helps reduce energy consumption, provides greater efficiency, lowers the initial capital investment, reduces carbon dioxide emissions and enhances real estate value by freeing up building space for other uses, Filinvest Land said.

    Filinvest Land said the Cyberzone Properties company will also include office buildings in Filinvest Cyberzone Cebu in Cebu City.

    Together with other office space leasing units of the Filinvest Land group, Filinvest Land 43 operating and under construction office buildings covering over 824,000 square meteres of gross leasable area.