Premiere Island Power REIT Corp., a firm led by Manuel Paolo Villar, has filed for a P3.2-billion initial public offering (IPO) with the Securities and Exchange Commission.
Premiere REIT is a power and infrastructure real estate investment trust (REIT) sponsored by Prime Asset Ventures Inc. (PAVI), Paolo Villar’s holding firm.
Based on its plan, Premiere REIT will offer up to 1.4 billion secondary common shares at a maximum offer price of P2 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 Corp. and Camotes Island Power Generation Corp. The company is targeting to list in November.
Premiere REIT’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 megawatts.
The company said iy 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 underserved areas, the company plans to engage in greener, renewable and sustainable energy as part of ensuring different asset classes with continues capital appreciation and social accountability.
China Bank Capital Corp. has been tapped as sole issue manager and underwriter for the deal.
Manuel Paolo Villar is the eldest son of Manuel B. Villar, and is also the president and CEO of Vista Land and Lifescapes Inc.
Vista Land reported last month that its income grew 11 percent to P4.2 billion in January to June, from last year’s P3.84 billion.
Gross revenues came in at P7.97 billion for the six-month period, or just half of last year’s P16.12 billion.
Real estate revenues for the first half fell 20 percent to P8.8 billion from last year’s P11.11 billion, but rental income rebounded at P4.93 billion, a threefold increase from last year’s P1.63 billion.
For the second quarter alone, the company’s net income grew 10 percent to P1.91 billion from last year’s P1.73 billion, while revenues came in flat at P7.3 billion.
