The Philippine Stock Exchange approved the P9.2-billion initial public offering of VistaREIT Inc., the real estate investment trust company of Vista Land & Lifescapes Inc.
VREIT will conduct its maiden share offering from May 30 to June 3, based on the terms approved by the PSE. It is expected to list its shares on the maid board of the PSE on June 15 under the trading symbol VREIT.
“We are pleased with the steady increase in the number of REIT listings in the PSE. The entry of VistaREIT will further boost the size of the REIT market and broaden the portfolio of mall and office building assets in the local REIT space,” PSE president and chief executive Ramon Monzon said.
VREIT will offer up to 3.33 billion firm shares and up to 333.75 million over-allotment option shares at P2.50 apiece. The final offer price will be determined on May 25 after the company conducted its book-building process.
VREIT’s initial portfolio includes 10 community malls and two 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 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.
Post-IPO, VistaREIT will have a public float of 48.95 perfect while existing shareholders will retain the remaining 51.05 percent.
The company engaged BDO Capital & Investment Corp., China Bank Capital Corp., PNB Capital and Investment Corp., RCBC Capital Corp. and SB Capital Investment Corp. as joint lead underwriters for the offering, with Abacus Capital and Investment Corp. as participating underwriter. Jenniffer B. Austria
Local small investors may subscribe to the VistaREIT IPO through the PSE EASy website or mobile application.
VREIT will be the seventh REIT company to list in the local bourse. VREIT is also one of the three companies that the Villar Group plans to list in the stock exchange this year. The two others are Coffee Project and Siquijor Island Power Corp.