Filinvest REIT Corp., the real estate investment trust company of Filinvest Land Inc., said over the weekend it plans to infuse eight more buildings with estimated value of P24 billion in its office leasing portfolio.
FILRT said in a disclosure to stock exchange said FREIT Fund Managers Inc. listed eight buildings, with gross leasable space of 164,318 square meters for possible infusion from 2022 to 2024.
This will increase FILRT’s GLA of 301,362 sq. m. to 465,680 sq. m. in GLA by 2024, or an increase of 55 percent over the three-year period.
It said among the buildings for asset infusion are Filinvest Cyberzon Cebu Tower 2, a 21-story Grade A, PEZA-accredited office building with 28,296 sq. m. of GLA and Filinvest Axis Tower Two, a 25-story PEZA-accredited office building, with 39,340 sq. m. of office GLA and 1,195 sq. m. of retail GLA in Northgate Cyberzon Alabang, Muntinlupa City.
These two properties are owned by FLI.
FFMI also identified six other office buildings in Clark Freeport, Pampanga; Makati; and Pasay with total GLA of 94,811 sq. m.
FILRT said funding for the planned asset infusion or acquisition would be a mix of debt and equity.
It said the asset infusion from FLI would likely be conducted through an asset-for-shares swap.
FILRT’s portfolio consists of 17 Grade A office buildings. Sixteen buildings are in Northgate Cyberzone in Filinvest City in Alabang, a PEZA special economic zone and IT park while another building is located in Cebu IT Park in Lahug, Cebu City.
The assets were valued by an independent appraisal company at P48.5 billion.
FILRT had an average portfolio occupancy of 89 percent in the first three quarters of 2021, with a weighted average lease expiry of 3.9 years.
FILRT debuted in the PSE in August and became the country’s third listed REIT company.
The share price of FILRT ended 2021 at P7.40, up 5.7 percent from its initial public offering price of P7.