Premiere REIT eyes P3.1-B IPO

September 19, 2022

Premiere Island Power REIT Corporation — owned and controlled by Manuel Paolo Villar, son of property mogul Manuel B. Villar — is eyeing to launch a P3.2-billion initial public offering by November.

Premiere REIT, is power and infrastructure real estate investment trust sponsored by Prime Asset Ventures Inc. subsidiaries. It aims to be a “leading diversified power and infrastructure REIT in the Philippines in terms of portfolio, profitability, growth, sustainability, and dividend yield.”

Based on its plan submitted to the Securities and Exchange Commission, PremiereREIT will offer up to 1.4 billion secondary common shares at a maximum offer price of P2 per share, with an over-allotment option of up to 210 million secondary common shares.

The offer shares will be sold by PAVI subsidiaries S.I. Power Corporation and Camotes Island Power Generation Corporation. The company is looking to list in November 2022.

Diversified assets

PremiereREIT’s current property portfolio consists of land, land rights, key power plant assets, and other ancillary infrastructure that are being leased to and utilized by the Sponsors for their power generation operations. Key metrics of properties include a weighted average lease expiry of 9.24 years and a total generating capacity of 21.27 MW.

PremiereREIT plans to engage in greener, renewable and sustainable energy as part of ensuring different asset classes with continued capital appreciation and social accountability. It tapped China Bank Capital Corp, as the sole issue manager and underwriter.

REIT or Real estate investment trust constantly shows a promising growth trajectory while evolving outside its origin sector. Early this year, the Philippine Stock Exchange, the local bourse operator, green-lighted the country’s first-ever energy-focused REIT pioneered by Citicore Energy REIT Corp.

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