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