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Philippines’ Filinvests REIT Headed For P14.9 Billion (US$310 Million) Public Debut (Inquirer)

March 29, 2021 – The Philippines’ Filinvest Land Inc. (FLI) has spun off its business process outsourcing office (BPO) property assets, mostly in Northgate Cyberzone in Alabang, into a real estate investment trust (REIT) that seeks to sell as much as P14.9 billion worth of shares through an initial public offering (IPO).

FLI plans to offer up to 1.63 billion secondary common shares in Cyberzone Properties Inc. (CPI), which will be renamed Filinvest REIT Corp., for as much as P8.30 per share. About 163.42 million additional shares will be up for sale as part of an overallotment option.

PI is one of the pioneer BPO office space providers in the country. Its REIT portfolio consists of 16 office towers, one of which has a retail component in Northgate Cyberzone in Filinvest City, Alabang. CPI also owns one office tower with a retail component in Cebu City.

Filinvest REIT is landlord to 301,362 square meters of leasable space. Its total property assets are valued at P36.99 billion, based on the prospectus submitted to the Securities and Exchange Commission (SEC).

Read more here..

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