Filinvest REIT Corp. (FILREIT) made its successful debut on the Philippine Stock Exchange (PSE) on Thursday (August 12) — making history as the country’s first sustainability-themed publicly listed real estate investment trust (REIT)
“In the last months, we have navigated the volatility of the capital markets to successfully reach our destination: the Philippine Stock Exchange. We are grateful for the continued trust the investing public has given Filinvest and FILREIT (PSE: FILRT). It is a vote of confidence not only in our company and this new asset class, but also in our country and in what has proven to be a most resilient industry in our economy: the BPO sector. We are excited to grow this financial platform for the benefit of our REIT Holders,” said Josephine Gotianun-Yap, president of Filinvest Land, Inc. (FLI), the sponsor of FILREIT.
FILREIT boasts of a portfolio that consists of 17 Grade A office buildings totaling over 300,000 square meters of gross leasable area (GLA), which include sustainability features. Of these, 16 are in Northgate Cyberzone, a PEZA-accredited Special Economic Zone and IT park in Filinvest City, the first central business district in the country to receive Gold Certification from LEED® v4 for Neighborhood Development. Northgate Cyberzone’s buildings are cooled by the country’s largest district cooling system that reduces carbon emissions and energy consumption, the result of Filinvest’s partnership with Engie, a world leader in developing sustainable technology solutions.
The initial public offering (IPO), which raised ₱12.6 billion, was well received despite the resurgence of COVID-19 infections The offering drew demand from international and domestic investors attracted by the yield and growth prospects of the REIT. In particular, there was strong domestic demand from qualified institutional buyers (QIBs), especially among bank trust, and REIT-eligible trading participants (TP) of the PSE tranche also saw a very strong take-up, improving on other recent offerings.
The IPO involved 1,634,187,850 common shares (the “Firm Offer”), with an overallotment option of up to 163,418,785 common shares, at a price of ₱7.00 per offer share. Of the Firm Offer, approximately 70% or 1,143,931,450 shares were offered to QIBs based in the Philippines and those located outside the United States, in accordance with Regulation S. Meanwhile, approximately 30% of the Firm Offer or 490,256,400 shares were offered to TPs, and to local small investors (LSIs). The total offer made available to TPs and LSIs were 326,837,600 and 163,418,800 shares, or approximately 20% and 10% of the Firm Offer, respectively.
BPI Capital Corporation and UBS AG Singapore Branch served as the Joint Global Coordinators and Bookrunners for the Offer. BPI Capital Corporation was the Sole Local Coordinator and Local Lead Underwriter while UBS AG Singapore Branch was the International Bookrunner. China Bank Capital Corporation acted as a Local Lead Underwriter while First Metro Investment Corporation and SB Capital Investment Corporation were Local Co-lead Underwriters.
For more information on FILREIT, please visit //www.filinvestreit.com/.