MANILA, Philippines — Real estate investment trusts (REITs) will continue to dominate the Philippine stock market with at least four other companies readying to list in the second half of the year.
The Filinvest Group’s FILREIT successfully debuted in the market last week, raising P12.6 billion. It was the third REIT to list in the local bourse following the Ayala Group’s pioneering AREIT Inc. and DoubleDragon’s DDMP REIT.
Filinvest Land Inc. president Josephine Gotianun-Yap said FILREIT would see more asset infusions in the future coming from Filinvest Group’s portfolio of different asset classes, including hospitality and retail.
The Gokongwei Group’s RL Commercial REIT Inc. (RCR) will be the next to list on Sept. 14 after obtaining the approval of the Philippine Stock Exchange Inc.
RCR aims to raise up to P26.7 billion and upon its target listing, it is poised to be the largest REIT by portfolio valuation and asset size, longest in land lease tenure, and most geographically diversified office REIT in the country.
It proposed to offer up to 3.34 billion common shares at a maximum offer price of P7.31 per share, with an over-allotment option of up to 305 million common shares.
After RCR comes Andrew Tan’s MREIT Inc., which is looking to list on Sept. 30. Megaworld’s MREIT plans to offer secondary shares of up to 1.2 billion common shares at an offer price of up to P22 per share. Proceeds from the offering amounting to up to P27.3 billion will be reinvested to further expand its office portfolio.
Article and Photo originally posted by Philippine Star last August 16, 2021 12:00am and written by Iris Gonzales.
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