Filinvest Land unit seeks approval for REIT offering

Filinvest Land, Inc. (FLI) subsidiary Cyberzone Properties, Inc. (CPI) has filed on Friday the registration statement with the Securities and Exchange Commission (SEC) for its real investment trust (REIT) initial public offering (IPO).

Up to 1.63 billion CPI common shares owned by FLI will be sold through a secondary offer worth P8.30 per share. An overallotment option of 163.42 million CPI common shares, called the option shares, may be availed by a stabilizing agent or a relevant affiliate.

“An application will be made for the listing of the offer shares, together with the rest of the shares of the company, on the main board of the Philippine Stock Exchange, Inc. (PSE),” CPI said in its prospectus.

Both offer shares will be subjected to the same terms and conditions.

Net proceeds are estimated to reach P13.03 billion. Should the overallotment option be exercised, net proceeds may reach P14.35 billion.

“The entire proceeds from the offer will be used by the selling shareholder in accordance with its reinvestment plan,” CPI said in its REIT prospectus.

CPI also plans to change its corporate name to Filinvest REIT Corp., as it seeks to list as Filinvest Development Corp.’s REIT platform. The company is now in the process of applying for the amendment of its articles of incorporation with the SEC.

“The offer shares will be listed and traded on the main board of the PSE under the trading symbol ‘FILRT,’” CPI added.

CPI’s REIT portfolio will include 16 office towers, including one with space for retail in Northgate Cyberzone, Filinvest City, Alabang, and a Cebu-based officer tower with a retail component.

FLI and CPI tapped BPI Capital Corp. as its joint global coordinator, bookrunner, and underwriter. UBS AG Singapore Branch was also selected to act as joint global coordinator and bookrunner.

If the regulatory bodies approve CPI’s REIT IPO plan under Filinvest REIT Corp., it will be the third REIT listing in the country and the second REIT offering this year. — Keren Concepcion G. Valmonte