CREIT is first renewable energy real estate investment trust to list on PSE

Jessica Fenol, ABS-CBN News

<p>MANILA - Citicore Energy REIT Corp on Tuesday listed on the Philippine Stock Exchange, following a delay due to "voluminous demand."</p><p>CREIT is the first renewable energy-themed real estate investment trust to list in the stock exchange, Philippine Stock Exchange President Ramon Monzon said during the listing ceremony.</p><p>Without disclosing exact figures, the company said its initial public offering was oversubscribed by all investing classes including local small investors (LSIs). </p><p>“The oversubscription by the local small investors in this IPO tells us that they’re optimistic about the company’s prospects,” Monzon said.</p><p>CREIT's assets have a stable occupancy rate all year compared to office assets that are exposed to vacancy risks, CREIT president Oliver Tan told ANC. </p><p>“We have a unique leasing structure. Our land asset is leased out to power generation companies, in our case solar plant operators,” Tan said.</p><figure class='op-interactive'><iframe allow='autoplay; fullscreen' frameborder='0' height='100%' id='ivsplayer01' scrolling='no' src='https://player.ivideosmart.com/ivsplayer/v4/dist/html/iframe-src.html?iframeid=ivsplayer01&key=e8c22c015ca9eafa76f1e3edfa03c603&spid=3001339&vid=1940300' width='100%'></iframe></figure><div class='iwantbar'>Watch more in <a href='//www.iwantv.com.ph/'>iWantv</a> or <a href='//tfc.tv/'>TFC.tv</a></div><p>CREIT is also the first REIT offering that draws its income from its solar energy investments, Finance Secretary Carlos Dominguez said during the listing ceremony.</p><p>It is the 6th REIT listing in a span of 2 years which brought REITs' total market capitalization to nearly P300 billion, Dominguez said. </p><ul class='op-related-articles'>	<li><a href='https://news.abs-cbn.com/business/02/22/22/reits-market-cap-nears-p300-b-says-finance-chief'>Philippine REITs market cap nears P300 billion in just 2 years: Finance chief</a></li></ul><p>Proceeds from its initial public offering will be used to find its ongoing and future renewable energy projects, the company said. </p><blockquote class='twitter-tweet'><p dir='ltr' lang='en'>CREIT is the first renewable energy-themed real estate investment trust to list on the PSE <a href='https://t.co/NzNjfn8sYi'>pic.twitter.com/NzNjfn8sYi</a></p>— Jessica Fenol (@JessFenol) <a href='https://twitter.com/JessFenol/status/1495941855284199425?ref_src=twsrc%5Etfw'>February 22, 2022</a></blockquote><p><script async src='https://platform.twitter.com/widgets.js' charset='utf-8' type='text/javascript'></script></p><p>CREIT has laid out its 5-year roadmap to achieve a 1,500 MW capacity "to address the nation's basic and essential power requirements," CREIT chairman Edgar Saavedra said. </p><p>Over 600 MW of the pipeline projects are in various stages of development, Saavedra said.</p><p>The entire 1,500 MW goal is estimated to cost roughly around P70 billion, Tan said.</p><p>For this year, the company expects to spend some P3 billion, he added.</p><p>Beyond the 5-year roadmap, CREIT is optimistic that the global push to replace fossil fuel with renewable energy will drive growth, Saavedra said.</p><p>He said the Energy Department's mandate is to increase renewable portfolio to 40 percent from 20 percent, equivalent to 12,000 to 14,000 MW.</p><p>"As we slowly rise out of the pandemic and continuously navigate the headwinds in today's business landscape our Citicore is very much energized to continue to develop our energy portfolio," Saavedra said.</p><p>"I think the challenge now is how fast can we really convert the fossil fuel to renewable energy,...There's an opportunity and that's the size of the market," he added.<br/> <br/>In 2021, renewable energy firm Solar Philippines Nueva Ecija Corp also listed on the Philippine Stock Exchange under the supplemental listing rules for petroleum and renewable energy companies.</p><ul class='op-related-articles'>	<li><a href='https://news.abs-cbn.com/business/02/03/22/citicores-creit-says-strong-demand-ahead-of-listing'>Citicore's CREIT says seeing 'strong demand' from investors on IPO</a></li></ul><p><strong>RELATED VIDEO:</strong></p><figure class='op-interactive'><iframe allow='autoplay; fullscreen' frameborder='0' height='100%' id='ivsplayer01' scrolling='no' src='https://player.ivideosmart.com/ivsplayer/v4/dist/html/iframe-src.html?iframeid=ivsplayer01&key=e8c22c015ca9eafa76f1e3edfa03c603&spid=3001339&vid=1914479' width='100%'></iframe></figure><div class='iwantbar'>Watch more in <a href='//www.iwantv.com.ph/'>iWantv</a> or <a href='//tfc.tv/'>TFC.tv</a></div>

<p>CREIT's assets have a stable occupancy rate all year compared to office assets that are exposed to vacancy risks, CREIT president Oliver Tan told ANC. </p><p>“We have a unique leasing structure. Our land asset is leased out to power generation companies, in our case solar plant operators,” Tan said.</p><figure class='op-interactive'><iframe allow='autoplay; fullscreen' frameborder='0' height='100%' id='ivsplayer01' scrolling='no' src='https://player.ivideosmart.com/ivsplayer/v4/dist/html/iframe-src.html?iframeid=ivsplayer01&key=e8c22c015ca9eafa76f1e3edfa03c603&spid=3001339&vid=1940300' width='100%'></iframe></figure><div class='iwantbar'>Watch more in <a href='//www.iwantv.com.ph/'>iWantv</a> or <a href='//tfc.tv/'>TFC.tv</a></div><p>CREIT is also the first REIT offering that draws its income from its solar energy investments, Finance Secretary Carlos Dominguez said during the listing ceremony.</p><p>It is the 6th REIT listing in a span of 2 years which brought REITs' total market capitalization to nearly P300 billion, Dominguez said. </p><ul class='op-related-articles'>	<li><a href='https://news.abs-cbn.com/business/02/22/22/reits-market-cap-nears-p300-b-says-finance-chief'>Philippine REITs market cap nears P300 billion in just 2 years: Finance chief</a></li></ul><p>Proceeds from its initial public offering will be used to find its ongoing and future renewable energy projects, the company said. </p><blockquote class='twitter-tweet'><p dir='ltr' lang='en'>CREIT is the first renewable energy-themed real estate investment trust to list on the PSE <a href='https://t.co/NzNjfn8sYi'>pic.twitter.com/NzNjfn8sYi</a></p>— Jessica Fenol (@JessFenol) <a href='https://twitter.com/JessFenol/status/1495941855284199425?ref_src=twsrc%5Etfw'>February 22, 2022</a></blockquote><p><script async src='https://platform.twitter.com/widgets.js' charset='utf-8' type='text/javascript'></script></p><p>CREIT has laid out its 5-year roadmap to achieve a 1,500 MW capacity "to address the nation's basic and essential power requirements," CREIT chairman Edgar Saavedra said. </p><p>Over 600 MW of the pipeline projects are in various stages of development, Saavedra said.</p><p>The entire 1,500 MW goal is estimated to cost roughly around P70 billion, Tan said.</p><p>For this year, the company expects to spend some P3 billion, he added.</p><p>Beyond the 5-year roadmap, CREIT is optimistic that the global push to replace fossil fuel with renewable energy will drive growth, Saavedra said.</p><p>He said the Energy Department's mandate is to increase renewable portfolio to 40 percent from 20 percent, equivalent to 12,000 to 14,000 MW.</p><p>"As we slowly rise out of the pandemic and continuously navigate the headwinds in today's business landscape our Citicore is very much energized to continue to develop our energy portfolio," Saavedra said.</p><p>"I think the challenge now is how fast can we really convert the fossil fuel to renewable energy,...There's an opportunity and that's the size of the market," he added.<br> <br>In 2021, renewable energy firm Solar Philippines Nueva Ecija Corp also listed on the Philippine Stock Exchange under the supplemental listing rules for petroleum and renewable energy companies.</p><ul class='op-related-articles'>	<li><a href='https://news.abs-cbn.com/business/02/03/22/citicores-creit-says-strong-demand-ahead-of-listing'>Citicore's CREIT says seeing 'strong demand' from investors on IPO</a></li></ul><p><strong>RELATED VIDEO:</strong></p><figure class='op-interactive'><iframe allow='autoplay; fullscreen' frameborder='0' height='100%' id='ivsplayer01' scrolling='no' src='https://player.ivideosmart.com/ivsplayer/v4/dist/html/iframe-src.html?iframeid=ivsplayer01&key=e8c22c015ca9eafa76f1e3edfa03c603&spid=3001339&vid=1914479' width='100%'></iframe></figure><div class='iwantbar'>Watch more in <a href='//www.iwantv.com.ph/'>iWantv</a> or <a href='//tfc.tv/'>TFC.tv</a></div>

<p>Without disclosing exact figures, the company said its initial public offering was oversubscribed by all investing classes including local small investors (LSIs). </p><p>“The oversubscription by the local small investors in this IPO tells us that they’re optimistic about the company’s prospects,” Monzon said.</p>

<p>MANILA - Citicore Energy REIT Corp on Tuesday listed on the Philippine Stock Exchange, following a delay due to "voluminous demand."</p><p>CREIT is the first renewable energy-themed real estate investment trust to list in the stock exchange, Philippine Stock Exchange President Ramon Monzon said during the listing ceremony.</p>

Citicore Energy REIT Corp on Tuesday listed on the Philippine Stock Exchange, following a delay due to 'voluminous demand.'

CREIT is first renewable energy real estate investment trust to list on PSE | ABS-CBN News

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CREIT is first renewable energy real estate investment trust to list on PSE

CREIT is first renewable energy real estate investment trust to list on PSE