The Securities and Exchange Commission (SEC) has approved the initial public offering of VistaREIT Inc. which is estimated to raise as much as P9.18 billion
VistaREIT, the real estate investment trust of ultra bilyonaryo Manny Villar, will offer up to 3.34 billion common shares at a maximum price of P2.50 per share, with an overallotment option of up to 333.75 million shares.
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 Real Estate Investment Trust (REIT) Act of 2009. As mandated by law, VistaREIT shall distribute to shareholders at least 90 percent of its annual distributable income as dividends.
VistaREIT expects to conduct the IPO from May 10 to 16 and debut on the PSE on May 26, based on the latest timetable the company has submitted to the SEC.
BDO Capital & Investment Corp. China Bank Capital Corp., PNB Capital and Investment Corp., RCBC Capital Corp. and SB Capital Investment Corp. are the joint lead underwriters for the offer, with Abacus Capital and Investment Corporation as participating underwriter.
VistaREIT’s portfolio comprises 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