Fitch Group’s CreditSights earlier identified two malls worth a combined P15 billion that could be sold, including a property in the south that was not named.
The latest disclosure followed a Bilyonaryo report that Vista Mall Santa Rosa in Laguna was being offered for P8 billion, citing a property broker who advertised the property on Instagram.
What management said
“The company continuously evaluates various strategic alternatives involving its real estate portfolio in the ordinary course of its business, taking into consideration prevailing market conditions, asset valuations, occupancy levels, and its overall business objectives,” Vista Land said in a stock exchange filing on Thursday.
“In addition, the company continuously evaluates various funding and liquidity management alternatives in the ordinary course of its business to ensure that it remains well-positioned to meet its financial obligations,” it added.
Vista Mall Santa Rosa opened in April 2016 along the busy Santa Rosa-Tagaytay Road in Laguna, serving residents and visitors heading to the popular tourist destination.
Previously known as Starmall Prima Santa Rosa, the shopping complex features an expansive garden atrium, towering artificial trees and a mix of retail, dining and lifestyle brands.
Debt woes
The potential sale adds to Vista Land’s options for raising cash ahead of a $420-million bond maturity in July 2027, equivalent to roughly P26.3 billion at P62.70 to the dollar.
CreditSights had also identified a P10-billion mall in Mandaluyong, believed to be Starmall EDSA-Shaw, as another potential disposal.
The credit research firm earlier said Vista Land management was open to selling properties to outside buyers, a significant shift for a group that has traditionally kept its property portfolio intact.
Other funding options include selling dollar investments, tapping bank credit lines freed by the PrimeWater sale and transferring mature malls to listed VistaREIT Inc.
CreditSights earlier maintained its Buy recommendation on Vista Land’s 2027 and 2029 dollar bonds for high-risk investors, citing its extensive property holdings and multiple avenues for raising cash.
—Edited by Miguel R. Camus
