SM’s Aguirre joins Citicore Energy REIT board

Tycoon Edgar Saavedra’s Citicore Energy REIT Corp. (CREIT) welcomed changes to its board after the Sy family’s SM Group infused P5 billion for nearly a third of the real estate investment trust.

Ian Jason R. Aguirre, SM’s vice president for portfolio investment and a key executive at several SM Group affiliates, was elected to CREIT’s board. He replaces Jez G. Dela Cruz, who will remain treasurer of CREIT. 

Ian Jason R. Aguirre

Vice President for portfolio investments at SM Investments Corp., joins Citicore Energy REIT board after P5 billion investment from SM Group. 

Aguirre has over 22 years of senior management experience in investment banking, corporate finance, mergers and acquisitions, business development, and strategic planning across the energy, telecommunications, infrastructure, and real estate industries, the disclosure showed. 

SM’s senior vice president and head of risk and compliance, Elizabeth Anne C. Uychaco, will become a non-independent director after SM acquired a nearly 29 percent stake in CREIT. 

The deal gives SM the right to appoint two directors while CREIT will have the right to appoint three directors.