By Zinnia B. Dela Peña, The Philippine Star
Posted at 12/19/2011 9:05 AM | Updated as of 12/19/2011 9:05 AM
MANILA, Philippines – Ortigas & Co., the developer of the 16-hectare Greenhills shopping complex, is planning to raise at least $200 million through a maiden offering of shares possibly in the second quarter of 2012, according to a company official.
Joey Santos, general manager of the real estate division, said the company — one of the country’s biggest landlords with its vast properties in San Juan, Mandaluyong and Quezon City — has already tapped CLSA as financial advisor for the planned initial public offering (IPO).
He said the shares will be offered to both local and international markets, adding that OCLP Holdings will most likely be the vehicle to be used if the group pushes through with plans to go public.
Meanwhile, Santos said the company is spending P650 million to build two BPO (business process outsourcing) buildings as part of the 18-hectare Frontera Verde.
The two call center buildings will provide a total of 20,000 square meters, doubling the current GLA (gross leasable area).
The group has allotted around P100 billion over the next 10 to 15 years for expansion. Of the total amount, P30 billion will go to the redevelopment of Greenhills Shopping Center, P25 billion for Capital Commons, P30 billion for the redevelopment of Frontera Verde along C5 in Pasig, and more than P15 billion for Circulo Verde.
To ensure continued growth, the company is hoping to recover 34 hectares of property inside Camps Crame and Aguinaldo. It is also discussing a possible agreement with the Presidential Commission on Good Government for the Payanig property in Pasig.