@miguelrcamusINQ Gotianun-led Filinvest REIT Corp. plans to acquire eight additional buildings over the next three years to expand its leasing portfolio.

The company said in a stock exchange filing on Thursday that six of the identified office building acquisitions were located in Clark, Pampanga, as well as Makati City and Pasay City in Metro Manila.

Two additional buildings were located within the company's existing areas. The assets have a gross leasable area (GLA) of over 167,400 square meters (sq m).

"All of these assets are targeted to be acquired sometime between 2023 and 2025," Filinvest REIT said.

Asset infusions

The buildings would increase its GLA to 494,865 sq m, which was 64 percent bigger compared to its portfolio when it went public in August 2021.

The real estate investment trust (REIT) arm of Filinvest Land Inc. (FLI) said it was keen on more asset infusions to increase shareholders' value.

"[Filinvest REIT] is not limited to the acquisition of assets owned by FLI and is open to acquire from third parties as long as it meets the investment criteria," it said.

"The sponsor, Filinvest Land Inc., has an extensive list of properties within the Philippines that have good potential for qualification for future infusions," it added.

Filinvest REIT earlier saw lower profits and revenues during the first nine months of the year due to the emergence of pandemic hybrid home and office work arrangements.

Net income fell about 38 percent to P1.05 billion while revenues were down 10 percent to P2.46 billion from January to September this year, its latest financial report showed.

Gold certification

As of the third quarter, its portfolio consisted of seven Grade A and LEED Gold-certified office buildings with over 300,000 sq m of GLA.

Filinvest REIT said 16 of the buildings were at the Northgate Cyberzone in Filinvest City in Alabang, a 244-hectare mixed-use and integrated city.

Two of the FILRT properties in Filinvest City, namely Axis Tower One and Vector Three, are among the country's few LEED Gold-certified developments.

The company also owns Filinvest Cyberzone Cebu Tower 1 located in the gateway of Cebu IT Park in Lahug, Cebu City. INQ