Connect with us

Hi, what are you looking for?


Filinvest Land to transform unit into REIT

FILINVEST Land, Inc. is set to transform its subsidiary Cyberzone Properties, Inc. into a real estate investment trust (REIT) company to fully realize the value of its leasing business.

In a statement on Thursday, Filinvest said its board of directors approved the transition of Cyberzone into a REIT company that will be listed on the Philippine Stock Exchange in compliance with the guidelines and requirements governing the asset class.

According to Filinvest, it currently has 43 operating and under construction office buildings that span 824,000 square meters of gross leasable area. A REIT owns and operates income-generating properties, which could offer investors attractive returns.

Josephine Gotianun-Yap, its president and chief executive officer, said a REIT listing would fast-track the growth of its business line and could unlock the value of the company’s 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,” Ms. Gotianun-Yap was quoted as saying.

Filinvest said the property portfolio for the REIT company will include a number of operating office buildings and those leased out to traditional and multinational business processing outsourcing (BPO) firms.

The said office buildings are located in Northgate Cyberzone in Filinvest City, Alabang, and Filinvest Cyberzone Cebu in Cebu City.

“Northgate Cyberzone in Filinvest City is an 18.7 hectare Philippine Economic Zone Authority (PEZA) registered business park designed to cater primarily to BPO companies,” the company said.

“It is home to the Philippines’ largest district cooling system to date that helps reduce energy consumption, provides greater efficiency, lowers the initial capital investment, reduces carbon dioxide emissions and enhances real estate value by freeing up building space for other uses,” it added.

Filinvest said Cyberzone’s office rental revenues as of September last year had improved 16% year on year to P2.46 billion, adding that its BPO buildings have remained fully operational despite the coronavirus disease 2019 (COVID-19) pandemic.

For the January-September period, Filinvest Land posted a 40% drop in its attributable net income to P2.73 billion due to lower gross revenues.

The company’s gross revenues during the period fell 32% to P12.54 billion as the pandemic impacted its home sales.

On Thursday, its shares at the stock exchange improved 2.68% or three centavos to close at P1.15 apiece. — Revin Mikhael D. Ochave

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!



Elon Musk has suggested that he could seek to pay a lower price for Twitter, as the social media company’s would-be owner expressed further...


Tens of thousands of apprenticeships could be created and hundreds of millions of pounds saved if the flawed apprenticeships levy were reformed, according to...


The man accused of killing a doctor and wounding five other people in a shooting at a Taiwanese-American church banquet in California methodically planned the attack because he was upset over Chinese-Taiwanese tensions,...


Workers should “think and reflect” on whether to ask for pay rises because they risk fuelling inflation, the governor of the Bank of England...


Ofgem has come under fire for extending rules that will effectively prevent energy suppliers from offering deals that are significantly cheaper than the price...


Working from home is more popular in Britain than in continental Europe and North America, with commuting journeys down by more than a fifth...

You May Also Like


Having a good Instagram marketing agency to back up your Instagram account is an absolute must going into the new year. With competition stronger...


Ivermectin, an existing drug against parasites including head lice, has had a checkered history when it comes to treating COVID-19. The bulk of studies...


Insomnia is the most common sleep disorder in the global population. Therefore, it is a problem that many people suffer or have suffered throughout...


As a traditionally rigid insurance industry becomes bogged down by antiquated processes and operations, a handful of industry leaders are seeking to shake things...

Disclaimer:, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2021 SmartRetirementReport. All Rights Reserved.