Metro Manila (CNN Philippines, June 15) — Villar Group’s VistaREIT, Inc. received a muted reaction to its debut on Wednesday as concerns in local markets weighed on investor sentiment.
Shares of VREIT still closed unchanged at £1.75 despite the decline in the leading index of the Philippine Stock Exchange (PSEi).
“VREIT was received lukewarmly during its listing and would have closed much higher had it not been weighed down by overall market sentiment as PSEi is already drifting towards oversold territory,” said Luis Limlingan, director of sales at Regina Capital Development Corp., in a Viber Message .
But its President and Chief Executive Officer Paolo Villar maintains his bullish stance on the economy as the Philippines embraces the new normal.
“We aim to be among the top diversified commercial REITs in the Philippines in terms of portfolio, profitability, growth, sustainability and dividend yield,” he said in a statement.
“We are optimistic about the prospect of a revived economy due to the easing of restrictions, VREIT sees a robust foundation, its synergies with the Villar Group retail ecosystem,” added the official.
VREIT, Vista Land’s flagship shopping center and office REIT (Real Estate Investment Trust), has a portfolio of 10 community shopping centers and two PEZA-registered office buildings with a total GLA of 256,404 sqm.
Located within Vista Land’s integrated developments, the malls serve as a one-stop shop for residents of Las Piñas City, Bacoor City, General Trias City, Imus City, Municipality of Tanza, Antipolo City, San Jose Del Monte, San Fernando, and Talisay City, Cebu. The office buildings are located in Taguig City and Bacoor City.
The Company relies on Vista Land’s massive commercial properties, which consist of 31 shopping centers, seven office buildings and 69 shopping centers with a total gross area of 1.6 billion square feet. Vista Land also has approximately 3,000 hectares of raw land.