PLDT preps data center unit for $400-M REIT IPO by Q4

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MANILA, Philippines – PLDT Inc. is targeting a fourth-quarter listing of its data center assets under a real estate investment trust (REIT), in a deal that chair Manuel V. Pangilinan said could raise as much as $400 million.

At the company’s annual stockholders’ meeting on Tuesday, Pangilinan said the Vitro REIT initial public offering (IPO) could raise between $300 million and $400 million from an initial portfolio of eight mature data centers with a combined capacity of 27 megawatts.

READ: PLDT eyes REIT listing for data center business

Asked why PLDT opted for a REIT structure, Pangilinan said, “For one, we’re not getting the kind of values we think we ought to get for the data centers.”