SM Group acquires 28% stake in CREIT for P5 billion

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Conglomerate SM Investments Corp. said Wednesday it acquired a 28.79-percent stake in Citicore Energy REIT Corp. , the country’s first renewable energy real estate investment trust firm, for P5 billion.

SMIC said in a disclosure to the stock exchange it purchased 1.884 billion shares in CREIT from Citicore Renewable Energy Corp. and Citicore Solar Tarlac 1 at P2.6534 apiece. After the transaction, CREC will remain the largest stakeholder in CREIT with a 32.88-percent effective ownership. CREIT’s principal investment strategy is to invest in income-generating renewable energy real estate properties.

“We believe that the SM group’s entry and investment into CREIT and the partnership with CREC unlocks potential synergies given the energy requirements of the SM group,” said CREC president and chief executive Oliver Tan.“As part of our group-wide sustainability agenda to prioritize environmental responsibility and support a low-carbon economy, we are investing in CREIT to increase SM’s footprint in the renewable energy sector,” said SMIC president Frederic DyBuncio.

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MlaStandard /  🏆 20. in PH

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