Filinvest Land Incorporated, one of the country’s largest property developers with an established portfolio of residential, commercial, industrial, and office developments is entering the Real Estate Investment Trust (REIT) market with the establishment of Filinvest REIT Corp. (FILREIT).
As per the latest notice from the PSE EDGE, Filinvest REIT is priced at 7 Pesos per share, reduced from its indicative maximum price of PhP8.30 per share, bringing its total offer size to PhP12.6 billion.
The IPO is expected to run from July 26 to August 3, 2021.
The Filinvest REIT will be listed on August 12, 2021 under the ticker symbol FILRT.
Filinvest REIT Corp. or FILREIT (FILRT), features the highly competitive and attractive portfolio of office buildings which cater mainly to multinational Business Process Outsourcing (BPO) firms.
Filinvest REIT’s buildings are located in Northgate Cyberzone, a Philippine Economic Zone Authority (PEZA)-registered IT Park in Filinvest City, Alabang.
Competitive rental rates and fiscal and non-fiscal incentives arising from its PEZA registration attracts BPO companies to lease office spaces in Northgate Cyberzone. Another building is located in Cebu Cyberzone in Lahug, Cebu City, where tenants enjoy various fiscal and non-fiscal benefits.
Filinvest REIT Corp has an initial portfolio of 17 fully operational Grade A office buildings with a gross leasable area (GLA) totaling to over 300,000 square meters.
As of April 30, 2021 Filinvest REIT Corp buildings are averaging to 90.3 percent occupancy rate where mostly of its tenants ate the multinational business process outsourcing (BPO) firms.
What Is a Real Estate Investment Trust (REIT)?
A real estate investment trust (REIT) is a company that owns, operates, or finances income-generating real estate. Modeled after mutual funds, REITs pool the capital of numerous investors. This makes it possible for individual investors to earn dividends from real estate investments—without having to buy, manage, or finance any properties themselves.
- A real estate investment trust (REIT) is a company that owns, operates, or finances income-producing properties.
- REITs generate a steady income stream for investors but offer little in the way of capital appreciation.
- Most REITs are publicly traded like stocks, which makes them highly liquid (unlike physical real estate investments).
- REITs invest in most real estate property types, including apartment buildings, cell towers, data centers, hotels, medical facilities, offices, retail centers, and warehouses.
