Citicore Energy Real Estate Investment Trust (REIT) Corp. (CREIT) is set to issue ASEAN Green Bonds in the fourth quarter of this year to help accelerate its real estate asset portfolio growth.
In a disclosure to the Philippine Stock Exchange, CREIT said that the bonds form part of the company’s levering-up program to fund the acquisition of new properties and sustain its growth momentum.
CREIT is set to offer Php3 billion shares, with an oversubscription allotment of Php 1.5 billion, based on its registration statement submitted to the Securities and Exchange Commission (SEC).
“The proceeds of the maiden bond issuance are intended to fund the acquisition of solar rooftop systems to be leased out to an affiliate solar power operator, and land parcels totaling about 500 hectares planned to host affiliate solar power developers and operators,” CREIT said in a statement.
In a report by the Manila Standard, CREIT president and chief executive Oliver Tan said that the success of this acquisition will pave the way to securing more real estate properties in the future for the company’s utility-scale solar plants.