PLDT Inc. is looking to raise between US$300 million and US$400 million from the planned listing of a real estate investment trust (REIT) covering data center assets under VITRO Inc., a subsidiary of ePLDT Inc.
PLDT chairman Manuel V. Pangilinan said the proposed VITRO REIT would include eight data centers, excluding the company’s facility in Sta. Rosa, Laguna.
Speaking to reporters on the sidelines of PLDT’s stockholders’ meeting, Pangilinan said the group’s entire data center portfolio is valued at around US$1.6 billion to US$1.8 billion.
Proceeds from the planned listing will be used mainly to reduce PLDT’s debt.
As of end-March, PLDT’s consolidated gross debt stood at P297.3 billion, while net debt reached P282.3 billion.
Asked about the possible timetable for the public offering, Pangilinan said the company is hoping to proceed by the fourth quarter of the year.
PLDT’s planned VITRO REIT follows the issuance of Securities and Exchange Commission (SEC) Memorandum Circular No. 1, Series of 2026, which revised the implementing rules and regulations of Republic Act No. 9856, or the Real Estate Investment Trust Act of 2009.
The amended rules expanded the scope of income-generating real estate to include properties with recurring and predictable cash flows, including digital infrastructure assets such as information and communications technology facilities and data centers.
PLDT said the proposed REIT is intended to unlock value from its stabilized digital infrastructure assets, widen investor access to the country’s growing data center sector, and create a long-term capital recycling platform to support VITRO’s continued expansion.
Through ePLDT, the company is considering the injection of selected stabilized, income-generating digital infrastructure assets into the proposed REIT, including data center assets under VITRO.
PLDT said the platform may also allow future asset injections as more digital infrastructure projects stabilize and become suitable for inclusion in the REIT portfolio, subject to required approvals.
“This is an important step in our efforts to unlock value from PLDT’s digital infrastructure portfolio, while continuing to support the country’s growing demand for enterprise-grade and AI-ready data center capacity,” ePLDT president Victor Genuino said.
“VITRO has built a leading data center platform in the Philippines, and a potential REIT listing would allow us to further strengthen this platform while creating new opportunities for investors to participate in the growth of the digital infrastructure sector,” he added.
VITRO operates a nationwide portfolio of data centers serving enterprise, hyperscale, and cloud customers. The company continues to expand capacity to meet rising demand for secure, resilient, and scalable digital infrastructure, including through new facilities under development.
The proposed REIT listing remains subject to further corporate and regulatory approvals, market conditions, finalization of the transaction structure, and the filing and approval of necessary applications with the SEC and the Philippine Stock Exchange.
PLDT said no final terms have been determined, including the final asset portfolio, offer size, valuation, timing, ownership structure, or other commercial terms.
“PLDT will make the appropriate disclosures as and when required under applicable regulations,” the company said.
UBS AG and BPI Capital are assisting ePLDT in connection with the proposed VITRO REIT listing.