Vista REIT Inc., the commercial real estate investment trust of Vista Land & Lifescapes Inc., is looking to expand its portfolio via an asset infusion from the Villar Group.
VREIT said in a statement over the weekend it is banking on the portfolio expansion program with the robust and diverse pipeline of the profitable assets of Vista Land.
Vista Land’s commercial assets include 31 malls, seven office buildings and 69 commercial centers with a combined gross floor area of 1.6 million square meters.
Vista Land also has about 3,000 hectares of raw land, also known now as the Vista Estates. These assets were identified as suitable for commercial developments over the long term.
VREIT plans to initially acquire Worldwide Corporate Center, a prime office property in Mandaluyong City.
VREIT’s initial portfolio is composed of 10 community malls and two PEZA-registered office buildings, with an aggregate gross leasable area of 256,404 square meters. These assets account for over 20 percent of Vista Land’s GFA.
It said that aside from asset infusion from Vista Land, VREIT would focus on the competitiveness of Vista Land’s properties in the market when it comes to lease rates.
VREIT sees as a key advantage its working synergy with the Villar Group’s retail ecosystem that includes the publicly-listed AllHome and AllDay supermarkets, which are strategically located within the Villar Group’s housing communities around the country.
VREIT earlier this month filed a registration statement with the Securities and Exchange Commission for its planned P9.18-billion initial public offering by the middle of the year.
Based on its plan, VREIT will offer up to 3.33 billion secondary common shares at a maximum offer price of P 2.50 apiece, with an over allotment option for another 333.75-million secondary common shares.
VREIT will be the seventh REIT to join the Philippine Stock Exchange. Others traded on the local bourse are AREIT Inc., MREIT Inc., RL Commercial REIT Inc., DDMP REIT Inc., Filinvest REIT Corp. and Citicore Energy REIT Corp.