VistaREIT (VREIT), the real estate investment trust of Vista Land and Lifescapes (VLL), is expecting its earnings to grow with the potential infusion of more of the Villar Group’s high-income generating assets.

In a statement, VLL said VREIT is anchoring its solid expansion program on the robust, geographically-diverse pipeline of the profitable assets of Vista Land.

It also eyes infusion in its portfolio the Worldwide Corporate Center, the Vista Group’s prime office property and main office located in Mandaluyong City.

According to VLL, VREIT has a massive opportunity for growth since its inception comes as the Philippine economy recovers from the coronavirus 2019 (COVID-19) pandemic.

Managed by a competent and experienced management team led by business tycoon Manuel Villar Jr., VLL’s Vista malls remained resilient during the pandemic with essential establishments comprising about 80 percent of the tenants.

VLL’s commercial assets are composed of 31 malls, seven office buildings and 69 commercial centers with a combine Gross Floor Area (GFA) of 1.6 billion square meters. VREIT assets account for over 20 percent of the total VLL’s GFA.

In addition, VLL has about 3,000 hectares of raw land, also known now as the Vista Estates. VLL has also identified various locations that are suitable for commercial developments in the future.

VREIT’s initial portfolio is composed of 10 community malls and two PEZA-registered office buildings, with an aggregate gross leasable area (GLA) of 256,404 square meters.

Under its comprehensive plan, VREIT will also be focusing on the competiveness of VLL’s properties in the market when it comes to its lease rates.

“The lease rates are set to provide opportunities for growth. VREIT can still maintain competitive pricing based on existing market rates,” VLL said. At present, the Vista mall and office lease rates are relatively lower compared to its competitors.

Apart from its vast property holdings, VREIT also sees as a key advantage its working synergy with the Villar Group’s retail ecosystem, that includes the publicly-listed AllHome and AllDay supermarkets, which are strategically located within the Villar Group’s housing communities around the country.

VREIT, a commercial real estate investment trust sponsored by VLL, has filed a registration statement with the Securities and Exchange Commission last week for a P 9.18 billion initial public offering this year.

Based on its plan, VREIT will offer up to 3.33 billion secondary common shares at a maximum offer price of P 2.50 per share, with an over allotment option of up to 333.75 million secondary common shares.