Property tycoon Manuel Villar disclosed a plan to list two more companies next year to take advantage of the recovery of the economy.
Villar said his listed property firm Vista Land & Lifescapes Inc. would spin off its office assets under a real estate investment trust to be listed on the Philippine Stock Exchange.
The family’s renewable energy firm PAVI Green is also considering an initial public offering next year.
Villar said Vista Land planned to offer an office REIT with few commercial spaces. Vista Land’s leasing assets as of 2020 included 31 malls, 63 commercial centers and 7 BPO office spaces with a total of 1.5 million square meters of gross floor area.
Villar said his family was also planning to list its renewable energy venture under PAVI Green to fund expansion plans.
PAVI Green has more than 50 megawatts of capacity with operations in Siquijor, one of the missionary areas of National Power Corp.’s Small Power Utilities Group.
Villar said the group would expand the current capacity to 200 MW of renewable energy.
The Villar Group in November listed supermarket chain AllDay Marts Inc., while his brother Virgilio Villar will list this week his medical distribution firm Medilines Distributors Inc.
Meanwhile, Villar said foot traffic in major malls were already back to pre-pandemic levels as the government continued to ease restrictions over falling COVID-19 cases.
He said his malls as a result stopped giving concession rates to tenants.
Villar said he created at least 23 new retail concepts during the pandemic to fill up his malls.
“We were having a hard time getting tenants for our malls, while other tenants decided to close down because of the pandemic. So I had no choice but to develop my own retail concepts.
Among these retail concepts are coffee shop, pharmacy, food and beverage, bake shop, digital and pet stores.
Villar said the he would continue to expand these new businesses in preparation for a possible IPO.