Filinvest REIT Corp., the real estate investment trust of the Gotianun group, on Wednesday ruled out acquiring more assets at this time when the equities market has yet to recover and stock prices have yet to improve.
“A number of assets have been identified for infusion into Filreit that are subject to a favorable exchange price in order to have a property-for-share swap that is dividend accretive for our shareholders,” company president and CEO Maricel Brion-Lirio said.
At the appropriate time and share price improves, Filreit targets acquiring assets of its sponsor Filinvest Land Inc. and the sponsor’s parent company Filinvest Development Corp.
“Filreit future growth will be driven by a pipeline of high-value and green-designed assets that attract tenants who share Filinvest’s sustainability goals,” Lirio said.
According to her, Filinvest Land Inc. alone has 532,000 square meters of office and retail gross leasable area in key central business districts as potential acquisitions in the near to medium term, including pipeline assets owned by FLI’s parent company, Filinvest Development Corp.
“We look forward to a more robust global economy in 2024 and the exciting opportunities ahead for Filinvest REIT. We are fully committed to expanding our assets, providing stable returns, and delivering value to our shareholders,” Lirio said.
Forming part of this strategy includes the deliberate diversification of its tenant mix with the addition of traditional tenants and co-working locators.
As at end-2023, its tenant mix is comprised of 78 percent multinational BPO companies, 11 percent traditional office and co-working, 11 percent hospitality, and the small number taken up by retail tenants. The company said it remains free of POGO exposure.
Its energy strategy calls for energy efficiency and the use of renewables.
Its building designs have provisions for natural and LED lighting, natural ventilation where feasible and the use of variable frequency drives. The buildings in Filinvest City are connected to the largest district cooling system in the Philippines which substantially reduces energy consumption and carbon emissions by as much as 40 percent.
In 2023, eight buildings enjoy 100 percent renewable electricity supply, jumping to 45 percent in 2023 from 32 percent in 2022 and 26 percent in 2021.
“We continue to work in further increasing the use of renewables this year. Since January 2024, additional five buildings have already been added to the list of those that enjoy 100 percent renewables, constituting 13 of the 17 office buildings in the portfolio,” she said.
