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SM Prime set to open 17 new shopping malls within 3 years

SM Prime Holdings Inc. has lined up 17 new shopping malls for opening from 2020 to 2022, mostly outside of Metro Manila.

SM Prime said in a registration statement filed with the Securities and Exchange Commission Friday for a planned P20-billion bond offering that it aimed to complete four new malls in 2020, namely SM City Butuan, SM City Daet, SM City Grand Central (Caloocan) and SM City Roxas.

The four new malls will have a combined gross floor area of 221,000 square meters.

It is also set to complete the expansion of SM Baguio and SM Mall of Asia-Ikea, which will add 32,000 sq. m. and 157,000 sq. m., respectively.

It is scheduled to complete six new malls in 2021—SM City Bataan, SM City Sorsogon, SM City Tuguegarao, SM City San Pedro, SM City North Davao and SM City Tanza. The new malls will have a combined GFA of 197,000 sq.m.

It also plans to complete three mall expansions that will  add 74,000 sq. m. of GFA.

SM Prime in 2022 plans to complete seven new malls in the provinces of Bataan, Sorsogon, Cagayan, Laguna, Davao and Cavite with a combined GFA of 372,000 sq. m.

The opening of the 17 new malls will the boost total mall portfolio of SM prime to 91 by the end of 2022.

SM Prime said it would finance the construction of the new malls from a planned P20-billion bond offering scheduled this year.

SM Prime will offer up to P15 billion in fixed rate bonds with an oversubscription of up to P5 billion and tenors of five and seven years.

The property firm has tapped BDO Capital & Investments Corp. and China Bank Capital as issue managers, book runners and lead underwriters of the offering, and BPI Capital Corp., EastWest Bank, First Metro Investments Corp., RCBC Capital Corp. and SB Capital as joint book runners and joint lead underwriters.

The P20-billion bond offering will be the first tranche from SM Prime’s P100-billion, three-year shelf registration debt securities program also filed with the SEC.

SM Prime registered a net profit of P27.60 billion in     the first nine months of 2019, up 18 percent from P23.44 billion year-on-year.

Nine-month consolidated revenues rose 14 percent to P85.03 billion from P74.56 billion on year.

Topics: SM Prime Holdings Inc. , shopping malls , Securities and Exchange Commission , SM City Butuan , SM City Daet , SM City Grand Central (Caloocan) , SM City Roxas
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