Vista Land's REIT debuts on PSE
Vista Land's REIT debuts on PSE
THE commercial real estate investment trust (REIT) of integrated property developer Vista Land & Lifescapes Inc. "VistaREIT Inc." (VREIT) debuted on Philippine Stock Exchange on Wednesday, June 15.
"We are truly excited to bring VREIT to the public. What we offer is an elevated mall experience coming from our high-quality and world-class tenants. We believe that Filipinos deserve an experience that is at par with the best of the world and this IPO (initial public offering) helps us to do just that," Vista Land Chairman Manuel Villar Jr. said. The company has a portfolio of 10 community malls and two Philippine Economic Zone Authority-registered office buildings with an aggregate gross leasable area of 256,404 square meters.
Based on its financial records, the Villar-owned community malls posted an increase in rental income in 2020 and 2021 compared to other mall players despite the challenges brought about by the pandemic.
Company officials attributed the community malls' positive performance to its strategic location and the essential tenant mix of the malls that were focused on providing majority essential items during the pandemic like the supermarkets, home improvement/appliance stores, pharmacy, and food and financial services.
"In VREIT, we aim to be among the leading diversified commercial REITs in the Philippines in terms of portfolio, profitability, growth, sustainability and dividend yield," said Manuel Paolo Villar, VREIT president and chief executive officer. "VREIT sees a robust foundation, and we are optimistic about the prospect of a reinvigorated economy due to the easing of the restrictions as it synergies with the Villar-group retail ecosystem."
The company is also anchoring its solid expansion program on the robust, geographically diverse pipeline of the profitable assets of Vista Land. Vista Land's commercial assets are composed of 31 malls, seven office buildings and 69 commercial centers with a combined gross floor area of around 1.6 billion units. This is usually expressed in square meters.
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