MANILA, Philippines  - SM Prime Holdings Corp., the Philippines' biggest mall developer, has picked CLSA and Macquarie as advisers for its planned offer of up to a $500 million real estate investment trust (REIT), a senior company official said on Tuesday.

CLSA and Macquarie will act as financial advisers and joint bookrunners, Jeffrey Lim, SM Prime chief finance officer told Reuters.

"Hopefully within the year," Lim said, when asked about the timing of the REIT offer. He said the company will form a new firm called SM Prime REIT which will be the issuer for the offer.

Lim also said the company has identified the assets to be included in the REIT, but declined to name them.

The company is awaiting implementing rules of the main tax agency for REITs in the Philippines before finalising the mix of assets to be included in the REIT.

In April, SM Prime's board of directors authorised management to pursue the REIT offer.