Villar scion plans P3.2 B power, infra REIT IPO

Prime Asset Ventures, Inc. (PAVI), the power and infrastructure company of Manuel Paolo Villar (son of Manuel B. Villar Jr.) is planning to raise P3.2 billion from the initial public offering of its real estate investment trust (REIT).

Premiere Island Power REIT Corporation (PremiereREIT), which will be sponsored by PAVI subsidiaries, has filed a registration statement with the Securities and Exchange Commission last week.

Based on its IPO 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.

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 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.

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.

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