Filinvest REIT new leases up 13% in first nine months of 2024

Filinvest REIT Corp. (FILRT) reported double-digit growth in new leases in the first nine months of 2024, on the back of expansions of multinational companies within the company’s Philippine Economic Zone Authority-accredited (PEZA) Northgate Cyberzone in Alabang.

In a regulatory filing, FILRT said its new leases increased by 13.3% in the January to September period of 2024, with four new arrangements with multinational companies made.

“The proactive efforts of FILRT’s management to swiftly address pre-termination challenges have spurred the arrival of new tenants, reinforcing the area’s status as a prime business hub in the South,” the filing read.

“This strategic approach continues to attract global enterprises seeking to expand within a master-planned, strategically located environment,” it added.

Among the new arrangements are an additional 1,750 square meters with NASDAQ-listed EXLService Holdings Inc. and an additional 1,724 square meters with New Zealand-based Building Engineering and Design Co. (BEDC).

FILRT also leased additional space of over 24,400 square meters with GENPACT Services LLC (Philippine Branch), across three buildings, and 1,993.10 square meters of premium office space with global business process outsourcing firm Gear Inc.

Located in Alabang, Muntinlupa, Northgate Cyberzone is a campus-style development made of 16 Grade A office buildings within the Filinvest City.

FILRT’s commercial consists of 17 Grade A office buildings with over 300,000 square meters of gross leasable area. — VBL, GMA Integrated News