Philippines-listed real estate developer Filinvest Land‘s real estate investment trust (REIT) subsidiary has set the final price of its initial public offering (IPO) at 7 pesos per share, about 15.7% lower than the original price of up to 8.30 pesos per share.

In a disclosure to the Philippine Stock Exchange (PSE) Wednesday, Filinvest Land said Filinvest REIT Corp, formerly Cyberzone Properties Inc, has set the final offer price of its IPO at the mid-point of the range and expects to raise up to 12.6 billion pesos ($250 million) in gross proceeds.

The REIT originally filed to raise about $300 million by offering 1.63 billion common shares at a price of up to 8.30 pesos per share, with an over-allotment option of up to 163.4 million common shares. The offer shares are currently owned by Filinvest Land.

The offer period will run from July 23 to August 3. Filinvest REIT is expected to list and commence trading on the PSE on August 12.

FLI will receive the entire proceeds of the offer, which shall be reinvested in the Philippines, pursuant to the Revised Implementing Rules and Regulations of the Real Estate Investment Trust (REIT) Act of 2009.

New investors will corner 36.74% of Filinvest REIT’s issued and outstanding common shares, while existing shareholders will continue to own 63.26%, should the company exercise the oversubscription option.

The REIT’s property portfolio consists of 17 Grade A office buildings on prime property totalling over 300,000 square meters of gross leasable area. The 16 buildings are located in Northgate Cyberzone within Filinvest City in Alabang while one is in the gateway of Cebu IT Park in Lahug, Cebu City.

Filinvest Land, on the other hand, has 14 operational office buildings and 11 more under construction located in key CBDs that may form additional pipeline acquisitions for the REIT. These buildings are expected to total approximately 315,000 square meters of gross leasable area.

Filinvest Land’s REIT listing is among the expected REIT IPOs that could transform the local bourse as the region’s hotspot for listings this year.

DoubleDragon Properties Corp, another listed real estate developer, kicked off this year’s IPO season with a 14.7-billion pesos share sale. The DoubleDragon and Filinvest Land REITs are among the seven IPOs expected this year that will make the Philippine market the leader in the region, after years of being the weakest.