Milbank LLP advised the joint bookrunners on the US$125 million Regulation S initial public offering (“IPO”) of Citicore Energy REIT Corp. (“CREIT”), a real estate investment trust (“REIT”) focused on renewable energy projects. CREIT debuted on the Philippine Stock Exchange on February 22, 2022.
CREIT is the first REIT in the Philippines that focuses entirely on renewable energy projects, drawing its income exclusively from its solar power assets. In the next five years, the company plans to augment its power generation capacity more than tenfold, from 145 megawatts (“MW”) to 1,500 MW.
CREIT’s IPO sold 2.5 billion shares at a ₱2.55 offer price and was oversubscribed by local investors. The joint bookrunners that Milbank advised included CLSA Limited, CIMB Investment Bank Berhad, BDO Capital & Investment Corporation, Unicapital, Inc., PNB Capital and Investment Corporation and Investment & Capital Corporation of the Philippines.
“We’re delighted to have advised on Citicore’s groundbreaking renewable energy REIT IPO,” said Milbank partner and head of Milbank’s Hong Kong office, James Grandolfo. “As the Philippine private sector marshals resources to meet sustainability goals, stakeholders are increasingly looking to innovative, stable investment vehicles like REITs.”
The Hong Kong-based Milbank deal team was led by Mr. Grandolfo and included Global Capital Markets associates Cesareo Singzon and Abir Varma.
Milbank has advised on a number of REIT offerings in the Philippines, including Filinvest on the First-Ever Philippine Sustainability-Themed REIT IPO, DDMP REIT, Inc.'s US$302 million IPO, the second-ever REIT IPO in the country and MREIT, Inc.’s US$300 million IPO.
