The real estate investment trust (REIT) of the Gotianun family’s Filinvest Land Inc. has priced its initial public offering at P7 per share, bringing its total offer size to P12.6 billion.
The final offer price was reduced from the indicative maximum price of P8.30 per share.
Filvest REIT will offer 1.63 billion shares with an overallotment option of up to 163.42 million common shares from July 23 to Aug. 3.The shares will start trading on the bourse on Aug. 12.
Its property portfolio consists of 17 Grade A office buildings on prime property totaling over 300,000 square meters of gross leasable area (GLA). The 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.
FilREIT has access to inorganic growth opportunities from sponsor FLI’s pipeline of high quality income-producing commercial assets.
As of the end of the first quarter, FLI had 14 operational office buildings and 11 more under construction located in key central business districts that may form additional pipeline acquisitions for the company. These buildings are expected to total approximately 315,000 square meters of GLA.