The Philippine Stock Exchange Inc. (PSE) on Monday said it has approved Filinvest REIT Corp.’s P14.35-billion initial public offering (IPO), making it the third real estate investment trust (REIT) company to be listed on the PSE.
Filreit, formerly known as Cyberzone Properties Inc., is set to offer 1.63 billion secondary shares and up to 163 million over-allotment option shares at an indicative price of up to P8.30 per share.
The final offer price will be determined on July 19 after the company conducts its book building process.
The offer period is scheduled on July 26 to August 3 while its tentative listing date is on August 12. Shares will be traded under the symbol FILRT.
“The third REIT company is set to join our roster of listed firms and we trust that this will send a strong signal for more companies to consider REIT listing as a viable mechanism to raise capital for their expansion plans; as well as provide our investors alternative investment opportunities,” PSE President and CEO Ramon S. Monzon said.
Filreit will offer 10 percent of its shares to local small investors, who may subscribe to the IPO through the PSE EASy website (http://easy.pse.com.ph) or mobile application.
Filreit’s portfolio consists of 17 office buildings on prime property totaling over 300,000 square meters of gross leasable area (GLA). The 16 buildings are in Northgate Cyberzone within Filinvest City in Alabang while one is in the gateway of Cebu IT Park in Lahug, Cebu City.
Filreit’s sponsor, Filinvest Land Inc., has 14 operational office buildings and 11 more under construction in key central business districts, which may form additional pipeline acquisitions for the company. These buildings are expected to total approximately 315,000 square meters of GLA.
BPI Capital Corp. and UBS AG Singapore Branch are the joint global coordinators and bookrunners for the offer. BPI Capital is also the sole local coordinator and local lead underwriter while UBS AG Singapore Branch is the international bookrunner. China Bank Capital Corp. is a local lead underwriter while First Metro Investment Corp. and SB Capital Investment Corp. are local co-lead underwriters.