PSE approves P9.2-billion IPO of Vista REIT

The Philippine Stock Exchange, Inc. (PSE) has approved the initial public offering of VistaREIT, Inc., the real estate investment trust of the Villar group, worth up to P9.18 billion to be conducted from May 30 to June 3, 2022, according to a report by Manila Bulletin.

In a statement, the bourse said VistaREIT The company is expected to list its shares on June 15, 2022 under the trading symbol VREIT.

VistaREIT will be offering up to 3.33 billion firm shares and an over-allotment option up to 333.75 million shares at a price of up to P2.50 per share. The final offer price will be determined on May 25, 2022 after the company conducts its book building process.

“We are pleased with the steady increase in the number of REIT listings in the PSE,” PSE President and CEO Ramon S. Monzon said.

He added that, “The entry of VistaREIT will further boost the size of the REIT market and broaden the portfolio of mall and office building assets in the local REIT space.”

Local Small Investors (LSIs) may subscribe to the VistaREIT IPO through the PSE EASy website (http://myeasy.pse.com.ph) or mobile application.

VistaREIT is sponsored by Villar-led companies, namely Masterpiece Asia Properties, Inc., Manuela Corporation, Vista Residences, Inc., Crown Asia Properties, Inc., and Communities Pampanga, Inc.

The company will offer up to 3.34 billion common shares at a price of up to P2.50 per share, with an overallotment option of up to 333.75 million common shares.

The shares, which are currently owned by the sponsors, will be listed and traded on the Main Board of the PSE. Assuming the overallotment option is fully exercised, VistaREIT will net P8.79 billion from the offer.

The sponsors will receive the entire proceeds of the offer, which shall be reinvested in the Philippines, pursuant to the Revised Implementing Rules and Regulations of the Real Estate Investment Trust (REIT) Act of 2009.

New investors will corner 48.95 percent of VistaREIT’s issued and outstanding common shares, while existing shareholders will retain the remaining 51.05 percent, should the company exercise the oversubscription option.

VistaREIT’s portfolio currently includes 10 community malls and two office buildings with a gross leasable area of 256,403.95 square meters.

The company’s malls are located in Metro Manila, Cavite, Rizal, Bulacan, Pampanga, and Cebu, while its office buildings are in Taguig and Bacoor, Cavite.