The Securities and Exchange Commission has approved the real estate investment trust (REIT) offering of Filinvest Land Inc. for as much as P14.92 billion.
This marks the third REIT offering to be approved by the Commission, following DDMP REIT Inc. of DoubleDragon Properties Corporation and AREIT Inc. of Ayala Land Inc.
Cyberzone Properties, which will change its name to Filinvest REIT Corp., will offer up to 1,634,187,850 common shares at a price of up to P8.30 per share, with an overallotment option of up to 163,418,785 common shares. FLI currently owns the offer shares.
Assuming the overallotment option is fully subscribed, Cyberzone Properties will net P14.35 billion from the offer.