THE stock exchange announced on Monday that it had approved the initial public offering (IPO) of VistaREIT, Inc., the real estate investment trust (REIT) of Vista Land & Lifescapes, Inc.
In a statement, Philippine Stock Exchange, Inc. (PSE) President and Chief Executive Ramon S. Monzon said he was pleased with the steady increase in the number of REIT listings in the local bourse.
“The entry of VistaREIT will further boost the size of the REIT market and broaden the portfolio of mall and office building assets in the local REIT space,” he added.
The company will be offering up to 3.33 billion shares at a price of up to P2.50 each, with an over-allotment option of 333.75 million shares.
The final offer price will be determined on May 25 after the company’s book-building process.
The company is expected to list its shares on June 15 under the trading symbol VREIT.
The shares will be listed and traded on the main board of the PSE and the sponsors will receive the entire proceeds of the offer, which should be reinvested in the Philippines.
As mandated by law, VistaREIT should distribute to shareholders at least 90% of its annual distributable income as dividends.
The company tapped BDO Capital & Investment Corp., China Bank Capital Corp., PNB Capital and Investment Corp., RCBC Capital Corp., and SB Capital Investment Corp. as joint lead underwriters, with Abacus Capital and Investment Corp. as participating underwriter.
VistaREIT’s portfolio includes 10 community malls in Metro Manila, Cavite, Rizal, Bulacan, Pampanga, and Cebu; and two office buildings in Taguig and Bacoor, Cavite. — Luisa Maria Jacinta C. Jocson
