VistaREIT, Inc. (VREIT), the commercial real estate investment trust of integrated property developer Vista Land & Lifescapes, Inc., already spent around P1.9 billion of the proceeds from its initial public offer of shares in June.
VistaREIT sold 2.75 billion shares at P1.75 each, providing buyers an estimated yield of slightly over 9 percent based on the projected net profit for 2022.
The company said it spent the bulk of the P1.9 billion for the development of several community shopping malls, high- and mid-rise buildings for mixed-used, and land development for two master planned estates in Metro Manila and nearby provinces.
The still unspent amount from the IPO proceeds of P2.88 billion will bankroll the continued development of these projects.
VistaREIT has a portfolio of 10 community malls and two PEZA-registered office buildings with an aggregate gross leasable area of 256,404 square meters.
The malls are located in the cities of Las Piñas, Bacoor, General Trias, Imus, Antipolo, San Jose Del Monte, San Fernando, and Talisay as well as the municipality of Tanza in Cavite. The office buildings are located in Taguig City and Bacoor City.
