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EUR 92.09
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Vista REIT (VREIT) is a Philippine REIT which owns commercial properties, comprising both retail and office properties. Its initial portfolio consists of 12 Properties with an aggregate GLA of 256,403.95 sqm as of Dec 2021 and an aggregate valuation of PHP35.95bn, as per Asian Appraisal Company. The portfolio comprises 10 community malls (retail) and two office properties, with a weighted average lease expiry (WALE) of 5.09 years.
VREIT had weathered the effects of COVID relatively well, given its exposure towards essential providers and BPO tenants. Overall portfolio occupancy improved during COVID and rental income had grown on the back of built-in rental escalations.
However, its larger assets have seen their occupancies dwindle since FY19. While lease structures are generally longer term and its tenants are majority anchor tenants, a bulk of its office tenants are due for expiry in FY22. VREIT’s tenant base is also concentrated on a significant exposure to related party tenants.
VistaREIT IPO
VistaREIT is looking to raise about US$158m in its Philippines IPO. This would be a 100% secondary selldown by the Sponsors; the REIT would not receive any proceeds from the IPO.Vista REIT (VREIT) is a Philippine REIT which owns commercial properties, comprising both retail and office properties. Its initial portfolio consists of 12 Properties with an aggregate GLA of 256,403.95 sqm as of Dec 2021 and an aggregate valuation of PHP35.95bn, as per Asian Appraisal Company. The portfolio comprises 10 community malls (retail) and two office properties, with a weighted average lease expiry (WALE) of 5.09 years.
VREIT had weathered the effects of COVID relatively well, given its exposure towards essential providers and BPO tenants. Overall portfolio occupancy improved during COVID and rental income had grown on the back of built-in rental escalations.
However, its larger assets have seen their occupancies dwindle since FY19. While lease structures are generally longer term and its tenants are majority anchor tenants, a bulk of its office tenants are due for expiry in FY22. VREIT’s tenant base is also concentrated on a significant exposure to related party tenants.
Underlying
Vista REIT
Provider
Aequitas Research
Aequitas Research is a leading ECM research firm with a focus on IPOs and placements/follow-on offerings across the Asia Pacific with deal size of over USD100m.
Since 2015, we have covered 400+ IPOs and 450+ placements with a hit rate of 73% and 65%, respectively. We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic analysis.
Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis. We also provide a more quant driven analysis on placement/follow-on offerings.
Markets that we cover include:
Hong Kong,
China ADRs,
India,
Japan,
Australia, and
ASEAN.
Hong Kong,
China ADRs,
India,
Japan,
Australia, and
ASEAN.
Clarence Chu
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