FilReit optimistic business to get back on stream in Q4, after P12.58B IPO

Filinvest REIT Corp. is optimistic to end 2021 on a positive note, after the company raised P12.58 billion from its initial public offering amid the COVID-19 pandemic.

According to Filinvest REIT Chairperson Lourdes Josephine Gotianun-Yap, the  spread of the COVID-19 delta variant has not had a significant impact on business.

“I think we see the delta variant as a temporary stop, but it doesn’t really affect as much the business, because people have been gotten used to working online,” she told reporters in a virtual briefing.

Yap noted that most of the business operations of the company count business process outsourcing (BPO) firms as clients, and operations have been little changed.

“By the fourth quarter we should already get back on stream, as long as we have already hit herd immunity, which is quite likely, I believe, in NCR,” she said.

The company on Thursday raised P12.6 billion from its IPO, involving 1.634 million common shares with an overallotment option of up to 163,418,785 common shares.

Share in the company closed Thursday at P7.02 apiece, up by 2 centavos or 0.29% from the IPO price of P7.00.

Approximately 70% or 1.143 million shares were offered to institutional investors, while the remaining 30% was offered to trading participants and local small investors.

“It is a vote of confidence not only in our company and this new asset class, but also in our country and in what has proven to be a most resilient industry in our economy: the BPO sector,” said Yap.

“We are excited to grow this financial platform for the benefit of our REIT holders,” she added.

The Filinvest REIT portfolio consists of 17 Grade A buildings, totaling over 300,000 square meters of gross leasable area which include sustainability features.

Majority or 16 of the buildings are in Northgate Cyberzone, a Special Economic Zone accredited by the Philippine Economic Zone Authorty in Filinvest City.

Filinvest REIT said it is set to boost its portfolio by three Grade A office buildings with around 103,000 square meters in the next 18 months.

BPI Capital Corp. and UBS AG Singapore Branch served as the joint global coordinators and bookrunners for the offer.

BPI Capital Corp. also served as the sole local coordinator and local lead underwriter, while UBS AG was the international bookrunner.

China Bank Capital Corp. was also tapped as local lead underwriter, while First Metro Investment Corp. and SB Capital Investment Corp. were local co-lead underwriters.—AOL, GMA News