Vista Land targets P5 billion from preferred shares offer

MANILA, Philippines — Vista Land & Lifescapes Inc., the listed property developer of the Villar Group, intends to raise as much as P5 billion from a preferred shares offering this year.

In a stock exchange filing, Vista Land said its board approved the registration, offer and sale of up to 50 million Series 2 preferred shares of the company.

The offer price of the shares is up to P100 apiece.

China Bank Capital Corp. and SB Capital Investment Corp. were mandated to act as joint lead underwriters and joint bookrunners for the offer.

China Bank Capital Corp. managing director Juan Paolo Colet said target issuance is sometime in June or July.

Last year, Vista Land spent P27.1 billion on capital expenditures, majority of which are for construction and land development.

Vista Land plans to continue maximizing its resources, particularly land assets, through Vista Estate developments nationwide and increased involvement in upscale projects such as Brittany and Crown Asia initiatives.

It also looks to prioritize mixed-use developments that combine vertical and commercial elements in both its ongoing and planned projects.

Through six distinct business units, Vista Land operates its residential and commercial property development business.

Camella Homes, Communities Philippines, Crown Asia, Brittany and Vista Residences are focused on residential property development, while Vistamalls is involved in commercial property development.