^

FLI banking on BPO sector’s resiliency

Iris Gonzales (The Philippine Star) - June 11, 2021 - 12:00am

MANILA, Philippines — Filinvest Land Inc. (FLI) is banking on the resiliency of the business process outsourcing sector, which is filling up the vacancies left by Philippine offshore gaming operators or POGOs.

Prime multinational BPO companies accounted for 88.4 percent of the occupied gross leasable area (GLA) of FLI’s planned 17-building real estate investment trust (REIT) portfolio as of March 31 while POGO tenants occupied only 2.8 percent.

Non-BPO offices and retail tenants comprised the balance, data from FLI showed.

FLI noted the resilience of the country’s IT-BPO sector, which enabled the company to churn in steady office leasing income despite the COVID-19 pandemic.

Last year, Cyberzone Properties Inc., a subsidiary of FLI which will be its REIT company, saw its revenue increase by eight percent to P3.12 billion.

FLI is gearing up for a REIT listing, joining the fast developing REIT landscape in the country after the successful listing of Ayala Land’s AREIT Inc. and Double Dragon’s DDMP REIT.

“REIT is a new financial platform to monetize our investment assets as they mature and provide funding to fuel future growth. The fair market value of all our investment projects both existing and under construction is P190 billion based on the appraisals of third parties,” said FLI president and CEO Josephine Gotianun-Yap.

Cyberzone Properties has filed a registration statement with the Securities and Exchange Commission (SEC) to establish itself as a commercial REIT. It would be renamed Filinvest REIT Corp., subject to regulatory approval.

Filinvest REIT will own and operate a portfolio consisting of 16 office buildings clustered in the 18.7-hectare Northgate Cyberzone in Muntinlupa, Alabang and one office tower with a retail component in Cebu Cyberzone in Cebu City, for a combined total GLA of 301,362 square meters.

Filinvest City, where the 16 buildings are located, also received numerous awards for sustainability such as the LEEDv4 Gold for Neighborhood Development certification, becoming the first CBD in the Philippines to earn such recognition, the company said.

FLI seeks to replicate its successful commercial development model in Filinvest City and in other parts of the country, such as Filinvest Mimosa+ and Filinvest New Clark City in North Luzon and City di Mare in Cebu.

FILINVEST LAND INC.
Philstar
  • Latest
  • Trending
Latest
Are you sure you want to log out?
X
Login

Philstar.com is one of the most vibrant, opinionated, discerning communities of readers on cyberspace. With your meaningful insights, help shape the stories that can shape the country. Sign up now!

FORGOT PASSWORD?
SIGN IN
or sign in with