Manuel Villar, the Philippines’ richest person, is seeking to raise up to 9.18 billion peso ($176 million) in the maiden share sale of a real estate investment trust that comprises some of his Vista Land & Lifescapes Inc. offices and shopping malls.
VistaREIT Inc. will sell up to 3.33 billion secondary shares at a maximum price of 2.50 pesos apiece with 333.75 million secondary shares for over-allotment, the company said in a statement.
Vista Land’s flagship office-and-mall REIT will have an initial portfolio of 10 shopping centers and two office buildings, with 256,404 square meters (2,760,000 square feet) in total gross leasable area. The properties have 93% to 100% occupancy rates and have delivered “sustained rental income growth,” even at the height of the pandemic, the company said. The assets are located in 10 cities and towns.
Vista Land subsidiaries, including Masterpiece Asia Properties Inc., Manuela Corp., Communities Pampanga Inc., Crown Asia Properties Inc. and Vista Residences Inc., will sell the VistaREIT shares.
VREIT has mandated China Bank Capital Corp. as issue coordinator, and BDO Capital & Investment Corp., PNB Capital and Investment Corp., RCBC Capital Corp. and SB Capital Investment Corp. as joint lead underwriters and book runners. Abacus Capital and Investment Corp. has been mandated as a participating underwriter.
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