The Securities and Exchange Commission (SEC) has approved the initial public offering (IPO) of the real estate investment trust (REIT) sponsored by Filinvest Land, Inc.

“In its meeting on July 6, the commission en banc resolved to render effective the registration statement of Cyberzone Properties Inc. for a total of 4,892,777,994 common shares for listing on the main board of the Philippine Stock Exchange (PSE), subject to the company’s compliance with certain remaining requirements,” the SEC said in a statement on Tuesday.

Based on the latest timetable submitted to the SEC, Cyberzone Properties aims to conduct the IPO from July 19 to 28. Meanwhile, its PSE debut is tentatively slated for Aug. 6.

Cyberzone Properties will change its name to Filinvest REIT Corp.

The REIT offer will include 1,634,187,850 common shares, with an overallotment option of up to 163,418,785 common shares. It will be priced at P8.30 each at most.

“New investors will corner 36.74% of Cyberzone Properties’ issued and outstanding common shares, while existing shareholders will retain the remaining 63.26%, should the company exercise the oversubscription option,” the SEC said.

Cyberzone Properties may net up to P14.35 billion from the IPO if the overallotment option is exercised.

Filinvest Land owns the offer shares and will be the sole recipient of the offer’s proceeds.

Its REIT portfolio includes 17 office buildings, 16 of which are located in Alabang and one is Cebu-based. The portfolio has an aggregate gross leasable area (GLA) of 299,158 square meters (sq.m.) for office spaces and 2,204 sq.m. for retail.

On Tuesday, shares in Filinvest Land at the stock market went up by 0.90% or one centavo to finish at P1.12 each. — Keren Concepcion G. Valmonte