FILREIT sets price at P7/shared for P12.6-B IPO

Published July 21, 2021, 4:06 PM

by James A. Loyola

Filinvest REIT Corp. (FILREIT), formerly Cyberzone Properties, Inc. and a real estate investment trust (REIT), has pegged the final offer price of its initial public offering at P7.00 per share.

In a disclosure to the Philippine Stock Exchange, the firm said the offer price is set at the mid-point of the range, with demand driven by strong participation from domestic qualified institutional buyers and pension funds, along with international institutional and private bank participation.

The base offer is 1.63 billion common shares (Firm Shares), with an overallotment option of up to 163.42 million common shares. FILREIT’s IPO is expected to raise up to P12.6 billion in gross proceeds.

The Offer Period will run from July 23, 2021 to August 3, 2021. The Company is expected to list and commence trading on the PSE on August 12, 2021.

The property portfolio of FILREIT 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 the Sponsor’s pipeline of what the Company believes are high quality income-producing commercial assets.

As of March 31, 2021, FILREIT’s sponsor, Filinvest Land, Inc. (FLI), has 14 operational office buildings and 11 more under construction located in key CBDs that may form additional pipeline acquisitions for the Company. These buildings are expected to total approximately 315,000 square meters of GLA.

BPI Capital Corporation and UBS AG Singapore Branch are the Joint Global Coordinators and Bookrunners for the Offer.

BPI Capital Corporation is the Sole Local Coordinator and Local Lead Underwriter while UBS AG Singapore Branch is the International Bookrunner.

China Bank Capital Corporation is a Local Lead Underwriter while First Metro Investment Corporation and SB Capital Investment Corporation are Local Co-lead Underwriters.