MANILA - Filinvest Land Inc said Friday its subsidiary has filed a registration statement with the Securities and Exchange Commission covering its real estate investment trust's (REIT) initial public offering.
Its unit Cyberzone Properties Inc (CPI) will be renamed Filinvest REIT Corp, Filinvest said in a disclosure to the stock exchange.
The proposed REIT IPO consists of the sale of up to 1,634,187,850 common shares of CPI owned by FLI by way of secondary offer at up to P8.30 per share, the company said.
BPI Capital Corporation and UBS AG Singapore were assigned as Joint Global Coordinators and bookrunners, with the former taking on the added role as underwriter, Filinvest said.
CPI is among BPO space providers in the country. Its portfolio consists of 6 office towers, Filinvest said.
DoubleDragon listed its DDMP REIT offering in the stock exchange earlier this week. Ayala Land's AREIT was the first to launch its REITs IPO in the country.
Real estate investment trust is an instrument that gives consumers another means to engage and earn from the real estate market.