Filinvest Land Inc. (FLI) plans to exchange its flagship Festival Mall for shares in its real estate investment trust, Filinvest REIT Corp. (FILRT), in a P6.26-billion property-for-share swap.
GOTIANUN-LED developer Filinvest Land Inc. plans to enter into a P6.26-billion property-for-share swap with its real estate investment trust, Filinvest REIT Corp. , by transferring ownership of its flagship Festival Mall in Muntinlupa in exchange for more than 1.6 billion FILRT shares. Filinvest Land said in a disclosure on Monday that the tax-free asset swap — approved by the boards of both companies last Jan. 24, 2025 — still had to be greenlit by stockholders and regulators.
It added that the asset swap would fulfill its commitment 'as the sponsor of FILRT to continually support the growth and expansion of the REIT portfolio through the infusion of high-quality income-generating real estate assets.'Festival Mall was said to have a gross leasable area of 121,862 square meters. FLI said the property had been appraised by Leechiu Property Consultants and a fairness opinion was provided by FTI Consulting.
REIT Real Estate Property Swap Filinvest Land Filinvest REIT
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