Insider Spotlight
The Manuel V. Pangilinan-led telco said on Tuesday that “current market conditions and rising interest rates” prompted the decision to defer what would have been the Philippine stock market’s first data center real estate investment trust (REIT) listing.
The postponement comes nearly two months after InsiderPH reported on Aug. 18 that PLDT was considering moving VITRO REIT’s original October 2026 debut to give the company more time to lock in large investors, including potential cornerstone investors.
At the time, VITRO REIT president and CEO Victor Emmanuel S. Genuino II said the company was “still targeting Q4 this year”. In a Sept. 28 report, Pangilinan told the Philippine Star they were pushing for a year-end IPO.
Tougher sell as rates rise
Higher interest rates can make REITs a tougher sell because investors compare their dividend yields against returns available from bonds and other fixed-income investments.
VITRO REIT had indicated a maximum offer price of P11 per share, which implied projected dividend yields of 5.8 percent for 2026 and 6.15 percent for 2027.
“PLDT remains committed to the proposed VITRO REIT IPO as an important part of the Group’s asset monetization and deleveraging plans, while supporting expansion of the REIT portfolio and continued growth of the Group’s data center business,” said in the regulatory filing on Tuesday. Eight data centers waiting for market
The IPO was designed to give investors exposure to eight operating data centers with nearly 24 megawatts of capacity across Metro Manila, Clark, Cebu and Davao.
PLDT’s flagship 36-megawatt VITRO Sta. Rosa campus was not part of the initial portfolio but could eventually be injected into the REIT, providing a potential growth pipeline once the listing proceeds.
VITRO REIT will continue coordinating with the Securities and Exchange Commission and Philippine Stock Exchange as it works toward completing the offering in 2027.
—Edited by Miguel R. Camus
