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Manila Bulletin devider Business devider The Stock Market devider Lucio Co's Cosco planning industrial REIT IPO

Lucio Co's Cosco planning industrial REIT IPO

Published Jul 16, 2023 02:51 pm
Despite prevailing market conditions, the Philippine Stock Exchange is expecting tycoon Lucio Co to launch a real estate investment trust (REIT) initial public offering worth about P15 billion to P30 billion. In an interview, PSE President Ramon S. Monzon said Co’s Cosco Capital is preparing for an IPO before the end of 2023 of a REIT with a portfolio which includes industrial land. PSE President and CEO Ramon S. Monzon

“They’re supposed to be filing (application for registration of Securities with the Securities and Exchange Commission and application for listing with the PSE) this month or next month,” noted Monzon. He added that they have been informed that Cosco is currently finalizing the list of the underwriters it will be tapping for the IPO. In its website, Cosco lists seven real estate subsidiaries in its portfolio: Ellimac Prime Holdings, Fertuna Holdings Corporation, Patagonia Holdings Corporation, Nation Realty Inc., 118 Holdings Inc., NE PACIFIC Shopping Centers Corporation, and Pure Petroleum Corporation. Pure Petroleum operates a fuel terminal facility inside the Subic Bay Freeport Zone and currently operates at full capacity a tank farm of nine fuel storage tanks with a total capacity of 88.5 million liters, 700 KL Ethanol, and a 250 KL CME storage tank. The terminal also operates jetty facilities for bulk loading and unloading, mooring buoys, water storage tanks for fire protection and maintenance as well as truck loading racks. Ellimac is the flagship company of Cosco’s real estate group and owns 47 properties located in prime Metro Manila areas and across the Central and Northern Luzon provinces of Bulacan, Nueva Ecija, Quezon and Cagayan. Among these are 25 properties operating as commercial retail buildings, eight on land long-term lease arrangements and 14 more in various stages of planning and development. A majority of Ellimac’s commercial retail  buildings are being leased by prominent retail tenants in support of Puregold Price Club, Inc.’s retail customers. These include The Fairview Terraces, the group’s second commercial shopping complex that was co-developed with Ayala Land, Inc. Fertuna developed a 6.5 hectare parcel of leased land with Ayala Land into a commercial retail complex called Harbor Point in Subic with Puregold as its anchor tenant. Patagonia owns the 1.3 hectare property in Bonifacio Global City (BGC) being leased by S&R Membership Shopping while 118 Holdings owns 32,427 square meters of land in Subangdaku, Mandaue, Cebu, of which 25,253 square meters are currently being leased by S&R Membership Shopping. 118 Holdings also owns a 12,464 square meters parcel of land in Imus, Cavite with a one-storey retail structure which houses over 40 tenants with Puregold price Club Inc. as its primary lessee. Nation Realty, Inc. is Cosco’s mall development arm and owns 999 Shopping Mall in Binondo while NE Pacific owns and operates the NE Pacific Mall in Nueva Ecija Puregold Price Club and S&R Warehouse Club among its tenants. Monzon said the Cosco REIT IPO will help the PSE reach its target of having P140 billion in fresh capital raised through the bourse—specially after SM Prime Holdings Inc. had decided to postpone its REIT IPO to next year. Aside from IPOs, capital raising activities in the PSE include private placements, follow-on offerings, and stock rights offerings by publicly-listed companies. The PSE raised a total of P110.29 last year and has, so far, raised P50.99 billion in 2023. These include two IPOs, Alternergy Holdings Corporation with P1.62 and Upson International Corporation with P1.65 billion. There were three follow-on offerings: Megawide Construction Corporation (P1.5 billion), Ayala Corporation (P13.11 billion), and Petron Corporation (P14 billion). The PSE also registered three stock rights offerings consisting of Union Bank of the Philippines (P12 billion), SP New Energy Corporation (P866.4 million), and Philippine Business Bank (P500 million). A total of six private placements amounting to P5.74 billion by listed companies were recorded this year led by Suntrust Resort Holdings Inc. (P2.55 billion) and Philippine Business Bank (P1.25 billion).
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