Filinvest REIT Corp. (FILREIT or Company, formerly Cyberzone Properties, Inc.), a real estate investment trust (REIT), today announced that it has successfully set the final offer price of the Company’s initial public offering (“IPO” or the “Offer”) at ₱7.00 per offer share.
The 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 1,634,187,850 common shares (the “Firm Shares”), with an overallotment option of up to 163,418,785 common shares (the “Option Shares”, together with the Firm Shares, the “Offer Shares”). The Company’s IPO of the Offer Shares is expected to raise up to ₱12.6 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 Philippine Stock Exchange, Inc. (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.
