The Securities and Exchange Commission (SEC) approved the initial public offering (IPO) of Filinvest Land’s P14.9-billion real estate investment trust (REIT).
In its meeting on Tuesday, July 6, the SEC en banc approved the registration statement of Filinvest Land subsidiary Cyberzone Properties for a total of 4.89 billion common shares for listing on the main board of the Philippine Stock Exchange (PSE).
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 PSE debut set for August 6.
Filinvest Land will receive the entire proceeds of the offer, which will then be invested in its projects in the Philippines.
Cyberzone Properties’ portfolio currently includes 17 office buildings with an aggregate gross leasable area of 299,158 square meters for office spaces and 2,204 square meters for retail.
BPI Capital Corporation and UBS AG, Singapore Branch were tapped as joint global coordinators and bookrunners. BPI Capital and China Bank served as local lead underwriters, while First Metro Investment Corporation and SB Capital Investment Corporation served as local co-lead underwriters.
Aside from Filinvest Land, there are currently two more upcoming REIT offerings in 2021.
Megaworld Corporation aims to raise a whopping P27.3 billion, which would make it the largest REIT IPO to date.
Robinsons Land Corporation is planning to raise P26.6 billion. – Rappler.com