PSE approves Villar’s PREIT’s P3.22-B IPO

The Philippine Stock Exchange, Inc. (PSE) has approved the P3.22 billion initial public offering (IPO) application of Premiere Island Power REIT Corporation, the power, and infrastructure real estate investment trust of the Villars’ Prime Asset Ventures, Inc.

Premiere REIT is a REIT sponsored by S.I. Power Corporation (SIPCOR) and Camotes Island Power Generation Corporation (CAMPCOR) which are owned by PAVI of Manuel Paolo Villar (son of Manuel B. Villar Jr.).

The firm’s initial property portfolio consists of land and power plant assets utilized in the power generation projects of SIPCOR and CAMPCOR in Cebu and Siquijor, which have a total combined installed capacity of 21.2 megawatts.

SIPCOR And CAMPCOR will be offering up to 1.40 billion firm Premiere REIT shares and up to 210 million overallotment option shares at a price of up to P2.00.

The final offer price will be determined on November 23, 2022 after the REIT concludes its bookbuilding period.

Premiere REIT’s offer period is scheduled from November 28 to December 5, 2022 while its tentative listing date is on December 15, 2022.

Assuming the full exercise of the overallotment option, new investors will corner 42.6 percent of the issued and outstanding common shares of PREIT, while SIPCOR and CAMPCOR will retain a 57.4 percent interest.

“REITs have become a popular asset class among investor in the last two and a half years. We welcome more listings in this space to expand the REIT options available to investors,” said PSE President and CEO Ramon S. Monzon.

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The article was originally published in Manila Bulletin and written by James A. Loyola.