LISTED Filinvest REIT Corp. (FILRT) announced that around 900,000 square meters (sq.m.) of assets from its sponsor, Filinvest Land, Inc. (FLI), and the broader Filinvest group could potentially be added to its portfolio.
“These are Grade A buildings, retail assets under its Filinvest malls and townships portfolio, and hotels under the Crimson and Quest brands already operating in key cities, plus more expected in key tourist destinations,” FILRT said in a stock exchange disclosure on Thursday.
FILRT also plans to amass assets outside of the Filinvest group.
Along with potential asset infusions, FILRT plans to cut back the gross leasable area (GLA) contribution of its office sector portfolio to 51% by 2026.
Currently, the corporate’s office portfolio contributes about 90% of its total GLA.
By 2026, FILRT goals for its retail and hospitality sectors to account for 33% and 16% of its total portfolio, respectively.
FILRT, the actual estate investment trust of FLI, has a portfolio comprising 17 buildings and so much in Boracay, with a complete GLA of 330,448 sq.m.
The corporate previously announced plans to extend the occupancy rate of its office portfolio to 95% by 2026.
As of the top of September, FILRT’s office portfolio had an 83% occupancy rate.
Meanwhile, FLI disclosed in a separate regulatory filing that it had submitted a registration statement to the Securities and Exchange Commission (SEC) for a bond issuance value as much as P12 billion.
The offer will consist of P9 billion value of fixed-rate peso-denominated retail bonds with an oversubscription option of as much as P3 billion, comprising three subseries: five-year bonds due 2030, seven-year bonds due 2032, and ten-year bonds due 2035.
The planned issuance, which will probably be listed with the Philippine Dealing & Exchange Corp., is the second tranche of FLI’s P35 billion shelf-registered peso-denominated bonds.
FLI has engaged BDO Capital & Investment Corp., BPI Capital Corp., Chinabank Capital Corp., East West Banking Corp., First Metro Investment Corp., Land Bank of the Philippines, RCBC Capital Corp., and Security Bank Capital Investment Corp. to administer the issuance.
On Thursday, FILRT stocks fell by 1.05%, or three centavos, to P2.84 per share, while FLI shares remained unchanged at 67 centavos apiece. — Revin Mikhael D. Ochave
