MANILA, Philippines —Manuel Paolo Villar’s power firm will join the REIT industry with a P3.2 billion initial public offering of Premiere Island Power REIT Corporation (PremiereREIT).
Premiere REIT, a power and infrastructure real estate investment trust sponsored by Prime Asset Ventures, Inc. (PAVI) subsidiaries, filed a registration statement with the Securities and Exchange Commission and the Philippine Stock Exchange for the registration and listing of its proposed PHP REIT IPO. last week.
Based on its plan, PremiereREIT will offer up to 1.4 billion secondary common shares at a maximum offer price of P2.00 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 (SIPCOR) and Camotes Island Power Generation Corporation (CAMPCOR). The Company is looking to list in November 2022. PAVI, the ultimate parent company, is the infrastructure investment holding company of Mr. Manuel Paolo A. Villar.
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 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 and 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 continued capital appreciation and social accountability.
PremiereREIT has tapped China Bank Capital Corp, as sole issue manager and underwriter.
Manuel Paolo Villar is the eldest son of business tycoon Manuel B. Villar, and is also the President and CEO of Vista Land & Lifescapes, Inc.