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Thursday, March 28, 2024

VistaREIT shares flat in stock market debut

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VistaREIT Inc. (VREIT), the commercial real estate investment trust company (REIT) of Vista Land & Lifescapes Inc. of the Villar Group on Wednesday debuted at the Philippine Stock Exchange through its P4.8-billion initial public offering.

Shares of VREIT ended flat on the first day of listing to close at P1.75 apiece amid the volatility in the equities market.

VistaREIT listing. The Philippine Stock Exchange Inc. board and management welcome VistaREIT Inc. in the roster of PSE-listed companies through a bell ringing ceremony. VREIT listed 7.5 billion shares. Attending the ceremony are (by row, from left) VREIT president and chief executive Manuel Paolo Villar and PSE president and chief executive Ramon Monzon; VREIT chairperson Jerylle Luz Quismundo, Vista Land and Lifescapes Inc. chairman Manuel Villar Jr., PSE chairman Jose Pardo and PSE chief operating officer Roel Refran; China Bank Capital Corp. president Ryan Martin Tapia, VREIT chief finance officer Melissa Camille Domingo, Securities Clearing Corporation of the Philippines COO Renee Rubio and PSE issuer regulation division head Marigel Garcia.

VREIT president and chief executive Manuel Paolo Villar during the listing ceremony expressed optimism about the company’s prospects given its solid expansion to expand its current commercial leasing portfolio.

“We aim to be among the leading diversified commercial REITs in the Philippines in terms of portfolio, profitability, growth, sustainability and dividend yield,” said Villar.

“We are optimistic about the prospect of a reinvigorated economy due to the easing of the restrictions, VREIT sees a robust foundation, its synergies with Villar-group retail ecosystem,” he added.

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Villar said the company’s expansion program is focused on the robust pipeline of Vista Land’s profitable assets.

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