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Philippine’s richest man wants to raise $176 million through REIT IPO

IFM_VistaREIT Philippines-image
The company will sell up to 3.66 billion stock shares with a price cap of 2.50 pesos each.

The real estate firm owned by Philippine’s richest man Manuel Villar is planning to raise $176 million through the initial public offering of its real estate investment trust (REIT).

Titled VistaREIT of Vista Land and Lifescapes is poised to allocate some of the company’s flagship commercial properties like offices and shopping malls across the country.

According to a Forbes report, the company will sell up to 3.66 billion stock shares with a price cap of 2.50 pesos each. The company will have a provision of 333.75 million shares for overallotments.

Shares for this REIT will be sold by VistaLand and its subsidiaries including Masterpiece Asia Properties, Manuela Corp., Communities Pampanga, Crown Asia Properties and Vista Residences. The plan is to list the REIT by June on the Philippine stock market.

A Reuters report said that this will make VistaREIT the seventh REIT in the country. The report further said that the trust will have two office buildings in Manilla and 10 shopping malls in the greater capital region with an aggregate area of 256,404 sq feet. According to the company, the buildings have an occupancy rate of 90-100% over the last three years as per a report by Philstar.

The company said that through the REIT, it wants to invest on a long-term basis, in a diversified portfolio of income-generating commercial real estate assets strategically located within Vista Land integrated developments or in key urban areas. The company aims to maintain high occupancy rates and quality tenants with a particular focus on those offering essential goods and/or services.

According to industry insiders, the Philippines is likely to have a bright future for REITs with five successful IPO launches in the pandemic.

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