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IPO of REIT to be launched in second half
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Listing could be the Philippines' largest on record
(Releads, adds details on REIT plan, background)
MANILA, April 25 (Reuters) - Philippines' SM Prime
Holdings Inc is looking at raising around $1 billion
by listing its real estate investment trust (REIT) unit this
year, its president said on Tuesday, in what could be the
country's biggest on record.
The initial public offering (IPO) of SM Prime, a developer
of malls and offices, would rival that of Philippine food maker
Monde Nissin Corp in 2021, which sold 48.6 billion
pesos of shares in its IPO.
SM Prime targets launching its IPO process in the second
half of this year, subject to market conditions, SM Prime
President Jeffrey Lim said in news conference.
Assets under SM Prime's REIT arm will include 12 to 15 of
the company's 82 shopping malls across the Philippines, Lim
said.
SM Prime is the last major property developer in the
Philippines that does not have a REIT unit listed in the stock
exchange.
REITs, which manage real estate assets such as hotels,
office buildings and malls that regularly generate profits, are
attractive to investors seeking regular dividends.
(Reporting by Neil Jerome Morales; Editing by Martin Petty)
