VILLAR-LED Vista Land & Lifescapes Inc. has secured a P2.0 billion loan from the Manila branch of Japanese banking giant Sumitomo Mitsui Banking Corp. (SMBC).

Loan proceeds will be used to fund capital expenditures, refinancing, and other general corporate purposes, the real estate developer said in a statement on Tuesday.

Further details about the transaction were not immediately made available.

Present at the signing ceremony were Vista Land President and Chief Executive Officer Manuel Paolo Villar and Vista Land Chief Finance Officer Brian Edang, as well as key executives from SMBC.

SMBC, which holds a minority stake in Rizal Commercial Banking Corp., forged a partnership with the Philippine Economic Zone Authority earlier this year to help attract more Japanese investors into the country.

As of end-September last year, meanwhile, Vista Land had launched nearly 30 projects with an estimated project value of approximately P40 billion, concentrating on maximizing prime land.

In the first nine months of last year, the Villar-led firm delivered a net income of P8.2 billion, 70 percent higher compared to the P4.8 billion booked in 2022, driven by higher revenues.

On Tuesday, shares of Vista Land were unchanged at P1.59 each.

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