The commercial real estate investment trust of ultra bilyonaryo Manny Villar has joined the frenzied rush by companies to go public this year.
In a statement, VistaREIT Inc. said it filed with the Securities and Exchange Commission its registration statement covering its planned initial public offering amounting to up to P9.18 billion.
It will offer up to 3.33 billion in secondary common shares, with an option to jack up the size by another 333.75 million shares at P2.50 each.
China Bank Capital Corp. is the issue coordinator and together with BDO Capital & Investment Corp., PNB Capital and Investment Corp., RCBC Capital Corp. and SB Capital Investment Corp. will be the joint lead underwriters and book runners.
VistaREIT is backed by Vista Land , the country’s largest homebuilder. It will be the flagship office and mall REIT of Vista Land.
Its initial portfolio consists of 10 community malls and two office buildings with a total 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, Tanza, Antipolo City, San Jose Del Monte City, San Fernando City and Talisay City in Cebu.
The office buildings, on the other hand, are located in Taguig City and Bacoor City.
VistaREIT said these properties enjoyed consistently high occupancy rates of 93 percent to 100 percent of their respective GLAs over the past three years.
Most of the country’s top real estate companies had already taken their respective REITs public — Ayala Land (AREIT), Robinsons Land (RCR), Megaworld (MREIT), Filinvest Land (FILREIT),
SOURCE: Bilyonaryo
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