MANILA, Philippines — VistaREIT Inc., the real estate investment trust of Villar Group, is building a strong portfolio of community-based shopping centers and is targeting its P9.18 billion initial public offering (IPO) this year.
With an estimated portfolio valuation of nearly Pta 36 billion, VREIT’s assets will include 10 community shopping centers and two eco-zone approved office buildings, making it the first REIT in the country to primarily offer community shopping centers.
Initial VREIT assets include SOMO, a Vista Mall in Cavite; Star Mall San Jose del Monte in Bulacan; Vista Mall General Triassic in Cavite; Vista Mall Tanza in Cavite; Vista Mall Imus in Cavite; Vista Mall Las Piñas and Annexe of Vista Mall Las Piñas; Vista Mall Pampanga; Vista Mall Antipolo; Vista Mall Talisay Cebu; Vistahub BGC in Taguig; and Vistahub Molino in Cavite.
The entire portfolio comprises a total of 256,404 square meters of gross leasable area – with an overall occupancy rate of 97 percent and an average term of five years.
Optimistic about the prospects for a revived economy due to the easing of restrictions, VREIT sees its synergies with the Villar Group retail ecosystem, which accounted for 68 percent of the gross leasable area (GLA) of the entire portfolio and contributed 77 percent of the rental income, as a solid foundation from the end of 2021.
Vista Malls anchor tenants include AllHome and AllDay supermarkets, recreation areas, entertainment centers, pharmacies, groceries and movie theaters. The main tenants are supermarkets, hardware stores, pharmacies and food and financial service providers.
VREIT has filed for a Pesos 9.18 billion IPO that will offer up to 3.33 billion secondary common shares at a maximum price of up to Pesos 2.50 per offering share. There is an over-allotment option of up to 333.75 million secondary common shares.
For VREIT’s IPO, the offer shares will be sold by Vista Land’s subsidiaries – Masterpiece Asia Properties Inc., Manuela Corp., Communities Pampanga Inc., Crown Asia Properties Inc. and Vista Residences Inc.
VREIT has China Bank Capital Corp. as Issuance Coordinator and together with BDO Capital & Investment Corp., PNB Capital and Investment Corp., RCBC Capital Corp. and SB Capital Investment Corp. as Joint Lead Underwriter and Bookrunner. Abacus Capital and Investment Corp. was also mandated as a participating underwriter.
VREIT will become Citicore Energy REIT Corp. after listing. (CREIT) last February, becoming the second REIT to list on the market this year. Other REITs on the market include Ayala-led AREIT Inc., the country’s first REIT; DDMP REIT Inc. by DoubleDragon by Injap Sia; Gotianun-led Filinvest REIT Corp.; RL Commercial REIT Inc. of Robinsons Land and MREIT Inc. of Megaworld Group.
Comments are closed.