Villars’ PremiereREIT files P3.2-billion IPO
VILLAR-led Premiere Island Power REIT Corp. filed the registration statement of its P3.2-billion initial public offering (IPO) with the Securities and Exchange Commission.
Led by Manuel Paolo A. Villar, the company also known as PremiereREIT is a power and infrastructure real estate investment trust sponsored by Prime Asset Venture, Inc. (PAVI) subsidiaries.
It plans to 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 such as S.I. Power Corp. and Camotes Island Power Generation Corp.
“The company is looking to list in November 2022,” the company said in a press release on Friday.
To date, the portfolio of PremiereREIT includes land, land rights, key power plant assets, and other ancillary infrastructure that are leased to and utilized by its sponsors for power generation operations.
Its weighted average lease expiry is 9.24 years while its total generating capacity is at 21.27 megawatts.
“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,” the company said.
It is also planning to venture into renewable energy.
“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 said.
PremiereREIT has tapped China Bank Capital Corp., as the listing’s sole issue manager and underwriter.
Mr. Villar is the eldest son of business tycoon Manuel “Manny” B. Villar, Jr., and is also the president and chief executive officer of Vista Land & Lifescapes, Inc.
On Friday, shares in Vista Land lost 10 centavos or 5.08% to finish at P1.87 apiece. — Justine Irish D. Tabile