Premiere Island Power REIT Corp. (PremiereREIT) is looking to raise P3.2 billion through the issuance of real estate investment trust (REIT).
PremiereREIT eyes to sell to the public up to 1.6 billion secondary common shares divided into an initial 1.4 billion firm shares and another 210 million covering the greenshoe option, at an offer price of up to P2, per share.
PremiereREIT is sponsored by is Prime Asset Ventures Inc. (PAVI) subsidiaries, which filed the documents for a REIT initial public offering with the Securities and Exchange Commission last week.
The offered shares will be sold by PAVI subsidiaries S.I. Power Corp. and Camotes Island Power Generation Corp.
PremiereREIT eyes to list by November.
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 PAVI and its subsidiaries for their power generation operations, the company said in a statement.
Key metrics of properties include a weighted average lease expiry of 9.24 years and a total generating capacity of 21.27 MW.
“PremiereREIT aims to be among the leading diversified power and infrastructure REITs in the Philippines in terms of portfolio, profitability, growth, sustainability and dividend yield. In addition to venturing into the best-performing asset classes in the traditional energy sector providing social and missionary electrification in underserve areas, PremiereREIT plans to engage in greener, renewable and sustainable energy as part of ensuring different asset classes with continues capital appreciation and social accountability,” the company said.
PremiereREIT tapped China Bank Capital Corp. as sole issue manager and underwriter.
