VistaREIT builds up P36 billion portfolio ahead of IPO

Iris Gonzales - The Philippine Star

April 4, 2022 | 12:00am

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MANILA, Philippines —VistaREIT Inc., the real estate investment trust of the Villar Group, is building up a strong portfolio of community-based malls, as it pushes for its P9.18-billion initial public offering (IPO) this year.

With an appraised portfolio valuation of nearly P36 billion, VREIT’s assets will comprise 10 community malls and two ecozone-accredited office buildings, making it the first REIT in the country that offer mostly community malls.

The initial VREIT assets cover SOMO, a Vista Mall in Cavite; Starmall San Jose del Monte in Bulacan; Vista Mall General Trias in Cavite; Vista Mall Tanza in Cavite; Vista Mall Imus in Cavite; Vista Mall Las Piñas and Vista Mall Las Piñas Annex; Vista Mall Pampanga; Vista Mall Antipolo; Vista Mall Talisay Cebu; Vistahub BGC in Taguig; and Vistahub Molino in Cavite.

The entire portfolio has 256,404 square meters of aggregate gross leasable area – with 97 percent total occupancy rate and an average expiry lease of five years.

Optimistic about the prospects of a reinvigorated economy due to the easing of restrictions, VREIT sees as a robust foundation its synergy with Villar Group’s retail ecosystem, which accounted for 68 percent of total portfolio gross leasable area (GLA) and contributed 77 percent of rental income as of end-2021.

Vista Malls’ anchor tenants include AllHome and AllDay Supermarkets, recreation areas, amusement centers, pharmacy, food and cinema.  Essential tenants are supermarkets, home improvement and appliance stores, pharmacy, and food and financial services.

VREIT has filed for a P9.18-billion IPO, which will offer up to 3.33 billion secondary common shares at a maximum price of up to P2.50 per offer share. It has an over-allotment option of up to 333.75 million secondary common shares.

For the VREIT IPO, the offer shares will be sold by Vista Land’s subsidiaries – Masterpiece Asia Properties Inc., Manuela Corp., Communities Pampanga Inc., Crown Asia Properties Inc. and Vista Residences Inc.

VREIT has tapped China Bank Capital Corp., as issue coordinator, and together with BDO Capital & Investment Corp., PNB Capital and Investment Corp., RCBC Capital Corp. and SB Capital Investment Corp., as joint lead underwriters and bookrunners. Abacus Capital and Investment Corp. has also been mandated as a participating underwriter.

VREIT will be the second REIT to list in the market this year after the listing of Citicore Energy REIT Corp. (CREIT) last February. Other REITs in the market are Ayala-led AREIT Inc., the country’s first REIT; DDMP REIT Inc. of Injap Sia’s DoubleDragon;  Gotianun-led Filinvest REIT Corp.; Robinsons Land’s RL Commercial REIT Inc. and MREIT Inc. of the Megaworld Group.

Manny Villar's VistaREIT files for ₱9.18-B maiden offering

By Pilar Manuel, CNN Philippines

Published Mar 28, 2022 6:26:07 PM

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Metro Manila (CNN Philippines, March 28) — Business tycoon Manny Villar’s real estate investment trust (REIT) company has filed for an initial public offering that seeks to raise nearly ₱9.18 billion, the Securities and Exchange Commission confirmed Monday.

The SEC said it has received the registration statement of VistaREIT Inc. for its planned maiden offering of up to 3.33 billion secondary common shares, each priced ₱2.50. It also has an overallotment option of 333.75 million shares.

“VistaREIT is envisioned to be the flagship office and mall REIT of Vista Land, one of the country’s largest integrated real estate developers, and aims to be among the leading diversified commercial REITs in the Philippines in terms of portfolio, profitability, growth, sustainability, and dividend yield,” read its prospectus.

The company’s portfolio consists of 10 community malls and two office buildings with a gross leasable area of 256,403.95 square meters. Its aggregate appraised value is at ₱35.95 million, added VistaREIT.

Vista Land & Lifescapes Inc.’s subsidiaries Masterpiece Asia Properties Inc., Manuela Corp., Vista Residences Inc., Crown Asia Properties Inc., and Communities Pampanga Inc. will serve as the sponsors of VistaREIT.

The document further noted that offer shares will be listed and traded on the Philippine Stock Exchange’s main board under the ticker symbol VREIT. The offer is eyed to run from April 22-28.

VistaREIT has tapped BDO Capital & Investment Corp., China Bank Capital Corp., PNB Capital Investment Corp., RCBC Capital Corp., and SB Capital Investment Corp. as joint lead underwriters and bookrunners.

Meanwhile, Abacus Capital & Investment Corp. will serve as participating underwriter.

VistaREIT plans asset infusion ahead of share offer

April 11, 2022 | 12:06 am

Luisa Maria Jacinta C. Jocson – Business World

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VISTAREIT, Inc. has linked its expansion on the Villar group’s profitable assets and project pipeline, as it readies its initial public offering ahead of the country’s recovery from the pandemic.

In a statement over the weekend, the real estate investment trust of Vista Land & Landscapes, Inc. said it is “anchoring its solid expansion program” on what it described as a robust, geographically diverse pipeline of profitable assets.

Vista Land, the listed holding firm of the Vista group, is a developer of residential subdivisions and builder of housing and condominium units.

VistaREIT is also eyeing the infusion into its portfolio of the Worldwide Corporate Center, the Vista group’s prime office property and main office located in Mandaluyong City.

Late last month, VistaREIT filed a registration statement with the Securities and Exchange Commission for a P9.18-billion initial public offering.

Based on its plan, it will offer up to 3.33 billion secondary common shares at a maximum offer price of P2.50 per share, with an overallotment option of up to 333.7 million secondary common shares.

According to Vista Land, VistaREIT has a “massive opportunity for growth” since its inception comes as the Philippine economy recovers from the coronavirus disease 2019 (COVID-19) pandemic.

Vista Land’s commercial assets are composed of 31 malls, seven office buildings and 69 commercial centers with a combined gross floor area (GFA) of 1.6-billion square meters (sq.m.)

It also owns about 3,000 hectares of raw land, also known now as the Vista Estates.

VistaREIT assets account for over 20% of Vista Land’s total gross floor area.

Its initial portfolio is composed of 10 community malls and two office buildings registered with the Philippine Economic Zone Authority with an aggregate gross leasable area (GLA) of 256,404 sq.m.

“Under its comprehensive plan, VistaREIT will also be focusing on the competitiveness of Vista Land’s properties in the market when it comes to its lease rates,” Vista Land said in a statement.

“The lease rates are set to provide opportunities for growth. VistaREIT can still maintain competitive pricing based on existing market rates,” it added.

Apart from current properties, VistaREIT said it also sees as a key advantage its working synergy with the Villar group’s retail ecosystem, which includes the publicly listed AllHome and AllDay home improvement and supermarket chains.

Press Release

16 August 2022

Three and a half months from Asset Injection, VREIT nets P802.7 million; declares 1st dividend

VistaREIT, Inc. (“VREIT”), the flagship mall and office REIT of integrated property developer Vista Land & Lifescapes, Inc. (VLL), recorded a net income of P802.7 million for the period ended June 30, 2022.   Since the injection of the 10 community malls and two PEZA-registered office buildings of the Company, rental revenues were at P934 million while EBITDA was at P850 million for the period.  The company’s record performance covers three and a half months of operations since the assets were transferred to the Company on March 16, 2022.

“We are pleased with the strong performance of our 12 commercial assets - the majority of which are community-based malls - as we take advantage of the so-called ‘revenge retail’,” said Manuel Paolo A. Villar, President of VREIT.   “VREIT is poised to hit its target for the year,” he added. “Footfall has been improving and our system-wide occupancy as of June 30, 2022 stood at 97%.  We remain optimistic for the remainder of the year as the economy continues to open up and businesses are now able to navigate through this pandemic.” 

VREIT’s total assets stood at P38 billion as of June 30, 2022 and has no interest-bearing debt on its books.

VREIT is anchoring its solid expansion program on the robust, geographically diverse pipeline of the profitable assets of VLL. VLL’s commercial assets are composed of 31 malls, seven office buildings, and 69 commercial centers with a combined Gross Floor Area (GFA) of 1.6 billion sqm.   VREIT assets account for over 20 percent of the total VLL’s GFA.  In addition, VLL has about 3,000 hectares of raw land and recently launched Vista Estates, which will serve as potential locations for future commercial developments. 

The Company sees as a robust foundation its synergy with Villar Group’s retail ecosystem given that the majority of its assets are community-based malls. Community based malls tend to deliver despite the challenges brought about by the COVID-19 pandemic.  The performance of these community-based malls can be attributed to the strategic location and the tenant mix focused on providing essential items and services during the pandemic. VREIT’s synergy with the Villar group’s growing world class retail ecosystem positions the Company to take advantage of the post-pandemic economic and retail recovery.

The company also declared its first dividend amounting to P157.5 million or P0.0210 per share for shareholders of record as of 30 August 2022 to be paid on 20 September 2022.  The dividend represents 100% of the distributable income for the two-month period ending June 30, 2022.  The Company was listed on June 15, 2022.