Prime Asset Ventures Inc. (PAVI) is optimistic its entry into real estate investment trust with Premiere Island Power REIT Corp. (PremiereREIT) will further enhance the group’s power assets.
PremiereREIT is looking to raise P3.2 billion through its planned listing next month involving the sale of 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.
“PAVI aspires to continuously diversify our portfolio to achieve our objectives of becoming a key player in the infrastructure and public utility sector. We are also focused on ensuring returns to our stakeholders and at the same time finding a way to implement these initiatives in a way that contributes meaningfully to nation-building and capacity-building,” said TJ Mendoza, PAVI head of infrastructure and projects, in a statement Friday.
PAVI added 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 sponsors for their power generation operations.
PremiereREIT’s key metrics of properties include a weighted average lease expiry of 9.24 years and a total generating capacity of 21.27 megawatts (MW).
Prior to venturing into REIT, PAVI’s energy portfolio is diversified into traditional and renewable power generation, retail electricity supply as well as missionary electrification.
