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Gotianuns’ P14.9B REIT IPO gets PSE nod

A real estate investment trust (REIT) sponsored by Gotianun-led Filinvest Land Inc. has received approval from the Philippine Stock Exchange for its planned initial public offering that could raise as much as P14.92 billion.

The PSE approval came a few days after Filinvest REIT secured the Securities and Exchange Commission’s nod to sell up to 1.634 billion common shares, with an over allotment option of up to 163.42 million shares, at P8.30 each share.

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

The final offer price will be set on July 19 while the offer period will run from July 26 to Aug. 3.The shares will start trading on the stock exchange on Aug.12.

The property portfolio of FILREIT consists of 17 Grade A office buildings on prime property totaling over 300,000 square meters of gross leasable area (GLA) — 16 buildings are located in Northgate Cyberzone within Filinvest City in Alabang while one is in the gateway of Cebu IT Park in Lahug, Cebu City.

As of end-March FLI had 14 operational office buildings and 11 more under construction located in key CBDs that may form additional pipeline acquisitions. These buildings are expected to total around 315,000 square meters of GLA.

BPI Capital Corp. and UBS AG Singapore Branch are the joint global coordinators and bookrunners.

China Bank Capital Corp. and BPI Capital are the local lead underwriters alongside First Metro Investment Corp. and SB Capital Investment Corp.

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