VistaREIT cuts IPO price, size

MANILA, Philippines — VistaREIT Inc., the real estate investment trust (REIT) company of the Villar family, cut the offer price and size of its upcoming maiden share sale.

In a filing at the Philippine Stock Exchange, VistaREIT said its final offer price was set at P1.75 per share, 30% lower than the original price of P2.50.

At the same time, the company also trimmed the size of its initial public offering. From the previous plan to sell 3.34 billion common shares, VistaREIT said it would now sell 2.75 billion shares to the public, which include an overallotment option of up to 250 million shares.

With this new pricing and offer size, VistaREIT's IPO is now expected to raise P4.81 billion, which shall be reinvested in the Philippines, pursuant to the Revised Implementing Rules and Regulations of the Real Estate Investment Trust (REIT) Act of 2009.

As mandated by law, VistaREIT shall distribute to shareholders at least 90% of its annual distributable income as dividends.

“VistaREIT, Inc. is still awaiting feedback from the Securities and Exchange Commission on any further disclosures required to be made with respect to the revised offer size,” the company said.

VistaREIT is sponsored by Villar-led companies, namely Masterpiece Asia Properties Inc., Manuela Corp., Vista Residences Inc., Crown Asia Properties Inc., and Communities Pampanga Inc.

The IPO will run from May 30 to June 3, while the tentative listing date was set on June 15.