PLDT Inc. disclosed last Monday, June 22, that it applied with the Securities and Exchange Commission and the Philippine Stock Exchange to create the Philippines' first digital infrastructure Real Estate Investment Trust called VITRO REIT Inc. The initial public offering aims to raise up to P24.2 billion (US$399 million) through the offering of up to 1.913 billion secondary common shares at P11 per share. The IPO became possible following the SEC's issuance of Memorandum Circular No. 1, Series of 2026, which expanded the definition of eligible REIT assets to include data centers and other digital infrastructure.
SEC Expands REIT Framework to Include Data Centers
SEC Memorandum Circular No. 1, Series of 2026 revised the implementing rules and regulations of Republic Act No. 9856, explicitly expanding the statutory definitions of "income-generating real estate assets" to encompass critical infrastructure. Under the modernized framework, eligible assets now include public roads, tollways, highways, mass transit systems, railways, airports, maritime ports, air navigation facilities, information and communications technology networks, energy generation and transmission infrastructure, and commercial data centers.
VITRO Offers 1.913 Billion Shares at P11 Each
The offering is structured as a firm offering of up to 1.913 billion secondary common shares, with an over-allotment option of an additional 287 million secondary common shares managed via a stabilizing agent mechanism. The offer price is set at up to P11 per share. UBS AG has been engaged to act as lead international underwriter, with BPI Capital Corporation serving as the domestic lead underwriter. The target launch for the IPO is expected to happen by the fourth quarter of this year.
Eight Data Centers with 24 MW Capacity Included in Portfolio
VITRO was established in 2000 as the data center branch of ePLDT Inc., which is a wholly-owned subsidiary of PLDT Inc. Eight operating, income-generating data centers located nationwide are initially included in the trust's portfolio with an aggregate IT-ready capacity of approximately 24 megawatts. The included facilities are located in Makati, Pasig, and Parañaque, along with regional centers in Pampanga, Cebu, and Davao. The initial 24 MW portfolio consists entirely of "stabilized" assets with high, predictable occupancy rates.
Proceeds to Repay Bank Loans and Fund Infrastructure Expansion
The proceeds will be used primarily to repay bank loans that were utilized to finance the construction and deployment of ePLDT's data center facilities. The remainder will be reinvested for the continued expansion of its data center infrastructure projects. As a REIT, VITRO is required to distribute at least 90% of their distributable income as dividends to shareholders.
FAQ
What did PLDT disclose on June 22 regarding VITRO REIT?
PLDT Inc. disclosed last Monday, June 22, that it applied with the Securities and Exchange Commission and the Philippine Stock Exchange to create the Philippines' first digital infrastructure Real Estate Investment Trust called VITRO REIT Inc., aiming to raise up to P24.2 billion through an initial public offering.
How many data centers are included in VITRO's initial portfolio?
Eight operating, income-generating data centers located nationwide are initially included in the trust's portfolio with an aggregate IT-ready capacity of approximately 24 megawatts, serving hyperscale and enterprise customers.
When is the VITRO REIT IPO expected to launch?
The target launch for the IPO is expected to happen by the fourth quarter of this year, with UBS AG acting as lead international underwriter and BPI Capital Corporation serving as the domestic lead underwriter.
