Filinvest Land, Inc. (ticker symbol: FLI) is jumping into the Real Estate Investment Trust (REIT) bandwagon. However, instead of creating a new company, it is transforming its wholly-owned subsidiary Cyberzone Properties Inc. into a REIT company.
The property portfolio for the REIT company will include buildings leased out to traditional companies as well as business process outsourcing companies. Two specific properties were identified by Filinvest Land: the Northgate Cyberzone in Alabang and the Filinvest Cyberzone in Cebu
City. The former is an 18.7-hectare PEZA-registered business park that caters primarily to business process outsourcing companies.
Filinvest Cyberzone-Cebu, on the other hand, is a 1.2-hectare mixed-use complex of four towers with a common retail and parking area. It is a joint venture project between Filinvest Land and the provincial government of Cebu City. Like the Northgate Cyberzone, Cyberzone-Cebu is located within a PEZA-accredited business park.
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Source: This article was based on company disclosure entitled Press Release: FLI to establish REIT Co. posted on the PSE Edge website on January 21, 2021.