VistaREIT plans to charge assets before offering shares
VISTAREIT, Inc. Wheeler has linked the group’s profitable assets and its expansion to the project pipeline, as it prepares its initial public offer before the country recovers from the epidemic.
In a statement over the weekend, Vista Land & Landscapes, Inc. Its real estate investment trust says it is “anchoring its tough expansion program” on what it describes as a strong, geographically diverse pipeline of profitable assets.
Vista Land, a Vista Group listed holding firm, developers of residential subdivisions and manufacturers of housing and condominium units.
VistaREIT also monitors its portfolio of Worldwide Corporate Centers, the head office property of the Vista Group, and its head office portfolio in Mandaluong City.
Late last month, VistaREIT submitted a registration statement to the Securities and Exchange Commission for a P9.18-billion initial public offering.
Based on its plan, it will offer 3.33 billion secondary common shares at a maximum offer price of P2.50 per share, with an overall allotment option of 333.7 million secondary common shares.
According to Vista Land, VistaREIT has “huge potential for growth” since the Philippine economy recovered from the Coronavirus Disease 2019 (COVID-19) epidemic.
Vista Land’s commercial assets consist of 31 malls, seven office buildings and 69 commercial centers with a combined Gross Floor Area (GFA) of 1.6-billion square meters (sqm).
It owns about 3,000 hectares of raw land, now also known as the Vista Estate.
VistaREIT assets account for more than 20% of the total surface area of Vista Land.
Its initial portfolio consists of 10 community malls and two office buildings registered with the Philippine Economic Zone Authority with a total gross lease area (GLA) of 256,404 sqm.
“Under its comprehensive plan, VistaREIT will focus on competing for Vista Land’s assets in the market when it comes to its lease rates,” Vista Land said in a statement.
“Lease rates are set to increase. VistaREIT can still maintain a competitive price based on existing market rates, ”it added.
In addition to the current features, VistaREIT says it sees the integration of its work with the Villar Group’s retail ecosystem as a major benefit, which includes the universally listed AllHome and AllDay home improvements and the supermarket chain. – Luisa Maria Jacinta c. Jackson
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