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Gotianuns’ REIT set for market debut on Aug. 12

Filinvest REIT Corp. (FilREIT) is targeting to make its debut on the Philippine Stock Exchange on August 12 with the offer period slated to run from July 26 to Aug.3, according to its latest regulatory filing.

The company will offer up to 1.63 billion common shares with an over allotment option of up to 163.42 million shares, at a maximum price of ₱8.30 per share.

The offer shares will represent around 36.74% of FILREIT’s issued and outstanding capital post-IPO, assuming the full exercise of the overallotment option.

FilREIT’s property portfolio comprises 17 office buildings on prime property totaling over 300,000 square meters of gross leasable area (GLA), well-suited to attract a diverse and globally recognized tenant base.

As of end-March this year, well-known global tenants in the business process outsourcing (BPO) sector occupied 88.4% of the portfolio’s occupied GLA.

All of the buildings that comprise FILREIT’s property portfolio — 16 in Northgate Cyberzone within Filinvest City in Alabang and one in the gateway of Cebu IT Park in Lahug City, Cebu — are Grade A buildings.

Northgate Cyberzone, which was established as the first campus style IT Park in the Philippines, is strategically located in Filinvest City, the first central business district in the Philippines to receive LEED® v4 Gold for Neighborhood Development Plan certification.

Northgate Cyberzone also has many amenities and features that cater to tenants in the BPO industry, as well as carbon footprint reduction initiatives, such as the country’s largest district cooling system thanitiatives, such as the country’s largest district cooling system that reduces power and water consumption and carbon emissions in the buildings.

Proceeds from the offer willl be used by the sponsor, Filinvest Land Inc. (FLI) for reinvestment into its real estate projects in the Philippines including the construction of office buildings, malls, residential mid-rise buildings and industrial warehouses, as well as raw land acquisition.

A portion of the budget will also be used for the expansion of the district cooling system in Northgate Cyberzone.

BPI Capital is the sole local coordinator and local lead underwriter for the IPO alongside China Bank Capital Corp., First Metro Investment Corp. and SB Capital Investment Corp.

UBS AG Singapore Branch, other other hand, is the international bookrunner.

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