VistaREIT plans asset injection ahead of stock offering

VISTAREIT, Inc. has tied its expansion to Villar Group’s profitable assets and project pipeline as it prepares to go public ahead of the country’s post-pandemic recovery.

In a statement over the weekend, Vista Land & Landscapes, Inc.’s real estate investment trust said it “anchors its robust expansion program” on what it described as a strong and diverse pipeline. geographically profitable assets.

Vista Land, a listed holding company of the Vista group, is a developer of residential developments and builder of housing and condominiums.

VistaREIT is also considering the integration into its portfolio of the Worldwide Corporate Center, the Vista Group’s main office building and headquarters located in the city of Mandaluyong.

Late last month, VistaREIT filed a registration statement with the Securities and Exchange Commission for an initial public offering of 9.18 billion pesos.

Based on its plan, it will offer up to 3.33 billion secondary ordinary shares at a maximum offer price of P2.50 per share, with an over-allotment option of up to P333.7 million. secondary ordinary shares.

According to Vista Land, VistaREIT has a “huge growth opportunity” since its inception comes as the Philippine economy recovers from the coronavirus disease 2019 (COVID-19) pandemic.

Vista Land’s retail assets consist of 31 shopping centers, seven office buildings and 69 shopping centers with a combined gross floor area (GFA) of 1.6 billion square meters (m²)

He also owns approximately 3,000 hectares of raw land, also known today as Vista Estates.

VistaREIT assets represent over 20% of Vista Land’s total gross floor area.

Its initial portfolio consists of 10 community shopping centers and two office buildings registered with the Philippine Economic Zone Authority with a total gross leasable area (GLA) of 256,404 m².

“As part of its overall plan, VistaREIT will also focus on making Vista Land properties competitive in the market with respect to its rental rates,” Vista Land said in a statement.

“Rental rates are set to provide opportunities for growth. VistaREIT can still maintain competitive pricing based on existing market rates,” he added.

In addition to the current properties, VistaREIT said it also sees a key advantage in its synergy of working with the Villar Group’s retail ecosystem, which includes the listed renovation and supermarket chains AllHome and AllDay. — Luisa Maria Jacinta C. Jocson

Michael J. Birnbaum