Northgate Cyberzone in Filinvest City is an 18.7-hectare PEZA-registered business park catering to mostly business process outsourcing companies. -- Company handout

Filinvest REIT, Corp. (FILREIT) started the offer period for its P12.6-billion initial public offering (IPO) on Friday, after receiving a permit to sell from the Securities and Exchange Commission.  

FILREIT is the real estate investment trust (REIT) unit sponsored by Filinvest Land, Inc. (FLI). It was formerly Cyberzone Properties, Inc.  

The offer period runs until Aug. 3. It is scheduled to make its debut at the Philippine Stock Exchange on Aug. 12, under the ticker symbol FILRT.  

FILREIT is selling 1.63 billion shares owned by the Gotianun-led property company  for P7.00 each, with an overallotment option of nearly 163.42 million.  

“At the current price, the projected dividend yield as stated in the REIT Plan is 6.3% for FY2021 and 6.6% for FY20221,” the company said in a statement on Friday.  

The company’s initial REIT portfolio includes 17 buildings, 16 of which are in Northgate Cyberzone in Alabang’s Filinvest City and office tower with a retail component in Cebu IT Park in Lahug, Cebu City.  

FILREIT said around 88% of its tenants are multinational business process outsourcing (BPO) firms.   

Meanwhile, shares of FLI at the stock market on Friday declined by 1.77% or two centavos to close at P1.11 each. — Keren Concepcion G. Valmonte