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Manila Bulletin devider Business devider FILRT to expand portfolio by 64%

FILRT to expand portfolio by 64%

Published Jan 10, 2023 02:09 pm

Filinvest REIT Corporation (FILRT), the real estate investment trust sponsored by Filinvest Land Inc., is planning to expand its asset portfolio by 64 percent or by 64,417 square meters in gross leasable area over the next three years.

In a disclosure to the Philippine Stock Exchange, the firm said that it is targeting assets owned by FLI although its future acquisitions are not limited to assets owned by FLI and the FILRT is open to acquire from third parties as long as it meets its investment criteria.

“FLI has an extensive list of properties within the Philippines that have good potential for qualification for future infusions,” FILRT said.

Under its REIT Plan, FLI has granted FILRT a Right of First Refusal (ROFR) over all significant commercial properties of FLI and its wholly-owned subsidiaries that could qualify as REIT assets under the REIT Law.

This excludes land and projects intended for FLI’s trading business such as condominium units that are temporarily leased out.

The grant of the ROFR will be valid as long as the Company continues to be a REIT under the REIT Law and is at least majority-owned by the Filinvest Group.

FILRT has identified six additional office buildings for infusion that are located in Clark, Pampanga, Makati and Pasay with a total GLA of 94,786 sq.m.

Two additional buildings within the existing FILRT areas are also targeted for infusion, which will bring the total planned assets for infusion to eight buildings with an aggregate GLA of 164,417 sq.m.

All of these assets are targeted to be acquired sometime between 2023 to 2025 which will increase the total GLA from the IPO GLA of 301,362 sq.m. to 494,865, sq.m. in GLA by 2025, or an increase of 64 percent.

FILRT said it will continue to build a pipeline of possible commercial properties for asset infusion. Other potential properties for acquisition to further diversify, in terms of location and type of real estate asset, are being explored from FLI and from the Filinvest Development Group's broader portfolio as well as from third parties.

Asset infusion or acquisition into FILRT is targeted to be funded by an optimal mix of debt and equity. If the infusion is from FLI, the infusion is most likely to be done through an asset-for-shares swap.

Related Tags

Filinvest REIT Corporation Filinvest Land Inc.
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