Philippine's Villar eyes US$176m IPO for real estate Reit

[MANILA] Manuel Villar, the Philippines' richest person, is seeking to raise up to 9.18 billion peso (S$239 million) in the maiden share sale of a real estate investment trust (Reit) that comprises some of his Vista Land & Lifescapes offices and shopping malls.

VistaREIT 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 centres and 2 office buildings, with 256,404 square metres (sq m) in total gross leasable area. The properties have 93 per cent to 100 per cent 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, Manuela, Communities Pampanga, Crown Asia Properties and Vista Residences, will sell the VistaREIT shares.

VREIT has mandated China Bank Capital as issue coordinator, and BDO Capital & Investment, PNB Capital and Investment, RCBC Capital and SB Capital Investment as joint lead underwriters and book runners. Abacus Capital and Investment has been mandated as a participating underwriter. BLOOMBERG