Business Sense

Business Sense: Filinvest joins REIT party

Business Sense: Filinvest joins REIT party
Rappler talks to Filinvest REIT president Maricel Brion-Lirio and chief finance officer Ana Venus Mejia on why investors should pick them among other upcoming REIT players

Bookmark this page and watch the interview on Tuesday, July 13, at 8 pm

Property companies are raising capital through the equities market by getting into real estate investment trusts or REITs.

Through a REIT, a real estate company pools capital of multiple investors to help finance its operations, future acquisitions, and developments.

Investors are keeping a close eye on this new asset class, as REITs pay dividends annually, and are required to distribute 90% of distributable net income.

Among the companies joining the so-called REIT party is Filinvest, which plans to raise as much as P14.9 billion through an initial public offering (IPO).

Cyberzone Properties, which will change its name to Filinvest REIT Corporation, will offer up to 1.6 billion common shares at a price of up to P8.30 per share, with an overallotment option of up to 163 million common shares.

The IPO is targeted to be done from July 19 to 28 and the Philippine Stock Exchange debut set for August 6.

Rappler business reporter Ralf Rivas talks to Filinvest REIT president Maricel Brion-Lirio and chief finance officer Ana Venus Mejia on the upcoming IPO, as well as what keeps them busy this pandemic other than talking to big investors. – Rappler.com