Billionaire Manny Villar's VistaREIT Files for P9.8 Billion IPO
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VistaREIT, the real estate investment trust of billionaire Manny Villar, the country’s richest person, according to Forbes magazine, is the latest company to file for an initial public offering (IPO).
In a filing with the Securities and Exchange Commission, VistaREIT Inc. said it intends to offer up to 3.33 billion secondary shares at a maximum price of P2.50 with an overallotment option of up to 333.75 million secondary shares. That means the company could raise as much as P9.8 billion.
According to VistaREIT’s prospectus, the company owns and leases a portfolio of 10 community malls, and two office buildings with an aggregate gross leasable area of 256,403.95 square meters. The malls are located in are located in Las Piñas City, Bacoor City, General Trias City, Imus City, Municipality of Tanza, Antipolo City, City of San Jose Del Monte, San Fernando City, and Talisay City, while the office buildings are located in Taguig City and Bacoor City.
“Over the last three years, the Properties have enjoyed consistently high occupancy rates ranging from 85 percent to 92 percent,” the company says.
VistaREIT is the seventh REIT company to go public in the country after Citicore Energy REIT (CREIT), Megaworld’s MREIT, Robinsons Land’s RL Commercial REIT (RLC REIT), Filinvest’s FILREIT, DoubleDragon DDMP REIT, and Ayala Corp’s AREIT.
China Bank Capital Corporation is issue coordinator together with BDO Capital & Investment Corporation, China Bank Capital, PNB Capital and Investment Corporation, RCBC Capital
Corporation (“RCBC Capital”), and SB Capital Investment Corporation (“SB Capital”) as joint lead underwriters and bookrunners while Abacus Capital and Investment Corporation is the participating underwriter.
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