MANILA - Filinvest Land Inc said Thursday the real estate investment Trust offer of its unit Filinvest REIT Corp has secured approval from the Securities and Exchange Commission.

The SEC has favorably considered the registration statement of FILREIT for its initial public offering, Filinvest said in a disclosure to the stock exchange. 

The proposed REIT IPO consists of the sale of up to 1,634,187,850 common shares at up to P8.30 per share, the company said

"Filinvest REIT Corp has received a Preeffective Letter from the Securities and Exchange Commission dated 6 July 2021
whereby the SEC has favorably considered the registration statement of FILREIT for a Real Estate Investment Trust (REIT) Initial Public Offering (IPO) subject to compliance with
conditions and submission of documents set forth in the Pre-effective Letter," it said.

Its portfolio consists of 17 office buildings worth over 300,000 square meters of gross leasable area, it said.

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Proceeds from the offer shares will be used by Filinvest Land Inc for reinvestment into real estate projects and capital expenditures, it said. 

Ayala Land's AREIT and DoubleDragon's DDMP are already listed on the Philippine Stock Exchange.

Several other conglomerates are planning to offer real estate investment trust in the coming months, regulators have said.