^

Vista Land eyes REIT IPO this year

Iris Gonzales (The Philippine Star) - June 21, 2021 - 12:00am

MANILA, Philippines — Vista Land & Lifescapes Inc. of the Villar Group is looking to do its real estate investment trust (REIT) offering this year.

“For the REIT, hopefully, we can do it this year,” Vista Land chairman Manuel Villar told The STAR.

He said the assets that may be infused into the planned REIT include office buildings, residential projects and shopping centers.

In a separate interview, Vista Land president Manuel Paolo Villar said the planned REIT could happen either this year or in 2022.

So far, only two REIT companies have listed in the stock market, Ayala Land’s AREIT Inc. and Double Dragon’s DDMP REIT.

The Villar Group is also looking to list its other companies, including All-Day, the group’s grocery chain.

Vista Land is ramping up construction of its projects to seize opportunities in the real estate market.

In the first quarter, Vista Land posted a consolidated net income of P2.1 billion, down 14 percent year on year, primarily due to higher interest expense.

On the other hand, reservation sales increased by four percent to P16.1 billion.

Total revenues, meanwhile, declined by 12 percent to P8.7 billion. Revenues from the company’s real estate business fell 13 percent to P6.3 billion, while leasing income decreased by nine percent to P2 billion.

The company has allotted P27 billion this year, mainly for construction and land development, higher than the P25 billion announced last year.

VISTA LAND & LIFESCAPES 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