Filinvest Land Inc. is spinning off some of its property assets into a real estate investment trust (REIT) company that will list on the Philippine Stock Exchange.
In a disclosure to the stock exchange, FLI said its board of directors approved the conversion of its wholly owned subsidiary Cyberzone Properties Inc. into a REIT.
“We are looking forward to listing CPI as a REIT company because we belied that this will unlock the value of our office leasing business. Filinvest has a growing portfolio of recurring income projects and significant prime office properties in Alabang, Cebu and Clark to continue to grow this business,” said Josephine Gotianun-Yap, president and CEO of FLI.
One of the pioneer providers of office space to the business process outsourcing industry, FLI has 43 operating and under construction office buildings covering over 824,000 square meters of gross leasable area.
Assets to be infused in the REIT company include office buildings located in Northgate Cyberzone in Filinvest City, Alabang and Filinvest Cyberzone Cebu.
CPI’s office rental revenues grew 16% in the nine months to September last year to P2.46 billion.