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Philippines' Filinvest Land unit considers up to $307 mln REIT IPO

Published 03/10/2021, 09:42 AM
Updated 03/10/2021, 09:50 AM
© Reuters

MANILA, March 10 (Reuters) - Philippines' Filinvest Land
Inc's FLI.PS said on Wednesday its office leasing unit is
planning an up to 14.9 billion pesos ($307 million) real estate
investment trust (REIT) offering, the third sale of the asset
class in the country.
A slew of REIT and other firms are lining up share sales in
the Philippines that could top $4 billion, making its bourse the
region's hotspot for initial public offerings this year.
In a disclosure, Filinvest said its subsidiary, Cyberzone
Properties Inc, will sell up to 1.79 billion shares, including
an over-allotment option, at a maximum price of 8.30 pesos
apiece. (https:// Cyberzone Properties owns and leases offices catering to the
business process outsourcing sector south of the capital and in
central Philippines.
The Southeast Asian nation sweetened the rules on REITs last
year, encouraging property firms to cash in on mature assets.
Activity has also been boosted by large companies like Monde
Nissin Corp and National Grid Corp of the Philippines, which are
preparing at least $1 billion in IPOs each. REITs, which manage profit-generating real estate assets
such as hotels, office buildings and malls, are attractive to
investors seeking regular dividends.
Filinvest's unit is the third REIT in the Philippines.
DDMP REIT Inc on Friday priced its 14.7 billion pesos IPO
while AREIT Inc's share sale raised 13.6 billion pesos in August
2020. = 48.46 Philippine pesos)

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