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Vista REIT (VREIT) is a Philippine REIT which owns commercial properties, comprising both retail and office properties. The REIT had weathered the effects of COVID relatively well, given its exposure towards essential providers and BPO tenants. However, its larger assets have seen their occupancies dwindle since FY19. A bulk of its office tenants are up for expiry in FY22 and sector momentum hasn’t been the greatest.
VREIT would also hold the smallest portfolio in terms of appraised valuation and would be the smallest REIT, as per mcap. We would avoid the deal at the current fixed price and only consider taking the deal at a wide 27.5% discount.
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. The REIT had weathered the effects of COVID relatively well, given its exposure towards essential providers and BPO tenants. However, its larger assets have seen their occupancies dwindle since FY19. A bulk of its office tenants are up for expiry in FY22 and sector momentum hasn’t been the greatest.
VREIT would also hold the smallest portfolio in terms of appraised valuation and would be the smallest REIT, as per mcap. We would avoid the deal at the current fixed price and only consider taking the deal at a wide 27.5% discount.
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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