Philippine’s Villar Eyes $176 Million IPO for Real Estate REIT

Manuel Villar, the Philippines’ richest person, is seeking to raise up to 9.18 billion peso ($176 million) in the maiden share sale of a real estate investment trust that comprises some of his Vista Land & Lifescapes Inc. offices and shopping malls.

VistaREIT Inc. will sell up to 3.33 billion secondary shares at a maximum price of 2.50 pesos apiece with 333.75 million secondary shares for over-allotment, the company said in a statement.