MANILA, March 28 (Reuters): The property firm owned by the Philippines' richest man has filed for an initial public offering of up to 9.18 billion pesos ($175.8 million) of its real estate investment trust (REIT) unit, the corporate regulator said on Monday.
VistaREIT Inc, a unit of listed Vista Land, plans to sell 3.67 billion shares, including an over-allotment option, at a maximum offer price of 2.50 pesos ($0.05) per share in what is set to be the country's seventh REIT listing.
In Philippine filings, IPO prices are typically set far above final selling prices.
REITs are companies that manage profitable real estate assets like office buildings, malls and industrial hubs, and are attractive to investors in search of regular dividends.
VistaREIT said it will have an initial portfolio of 10 shopping malls and two office buildings in and around the capital, Manila.
Its parent firm, Vista Land, is owned by the family of Manuel Villar, the country's richest man whose net worth was estimated at $8.7 billion, according to Forbes. ($1 = 52.21 Philippine pesos). - Reuters
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