Premiere Island Power REIT Corp., the power and infrastructure REIT platform of the Villar family, said its P2.4-billion initial public offering was fully subscribed at the end of the offer period as it offers an attractive dividend yield.
PREIT said it sold the entire 1.4 billion offer shares, including the 210 million in over-allotment shares at P1.50 apiece. Company sources attributed strong demand for the IPO to the attractive dividend yield.
PREIT projected an annualized dividend yield of 9.25 percent for 2022 and 9.56 percent in 2023, the highest among real estate investment trust companies listed on the Philippine Stock Exchange. REITs are companies that own or finance income-producing real estate across a range of property sectors.
PREIT chief executive TJ Mendoza said during the recent investors’ briefing the company would use the proceeds from the IPO to buy sites for planned power projects. PREIT has an initial portfolio of land, buildings and power plants with 21.3-megawatt capacity and an appraised value of P8.67 billion.
