The Securities and Exchange Commission (SEC) has approved the P14.35-billion initial public offering (IPO) of a real estate investment trust (REIT) sponsored by Filinvest Land Inc. (FLI).
In its en banc meeting on July 6, the SEC approved the registration statement of Cyberzone Properties Inc. for a total of 4.89 billion common shares for listing on the main board of the Philippine Stock Exchange.
Cyberzone Properties, which will change its name to Filinvest REIT Corp., will offer up to 1.63 billion common shares at an indicative price of up to P8.30 per share, with an overallotment option of up to 163.41 million common shares. FLI currently owns the offer shares.
FLI will receive the entire proceeds of the offer, which shall be reinvested in the Philippines, pursuant to the Real Estate Investment Trust Act of 2009.
New investors will corner 36.74 percent of the company’s issued and outstanding common shares, while existing shareholders will retain the remaining 63.26 percent, should the company exercise the oversubscription option. As mandated by law, the company shall distribute to shareholders at least 90 percent of its annual distributable income as dividends.
Filinvest REIT expects to conduct the IPO from July 19 to 28 and debut on the PSE on August 6, based on the latest timetable it submitted to the SEC.
BPI Capital Corp. and UBS AG, Singapore Branch were picked as joint global coordinators and bookrunners for the offer. BPI Capital and China Bank Capital Corp. will be the offer’s local lead underwriter while First Metro Investment Corp. and SB Capital Investment Corp. will serve as local co-lead underwriters.
The company’s portfolio currently includes 17 office buildings with an aggregate gross leasable area of 299,158 square meters for office spaces and 2,204 square meters for retail. The office spaces primarily cater to the information technology and business process outsourcing industry in Alabang and Cebu.
The FLI-sponsored REIT tapped ProOffice Work Services Inc. as its property manager and FREIT Fund Managers Inc. as fund manager.