UMVA has learned that PLDT, Inc. is planning to raise up to $400 million through a real estate investment trust (REIT) listing for its data center business, a move that could unlock significant value from its digital infrastructure assets.
The telecommunications giant's board has approved a potential REIT listing involving VITRO, Inc., its data center arm, which will see eight operational data centers with a combined capacity of 27 megawatts form the core assets of the planned REIT.
According to information obtained by UMVA, these eight facilities are valued at around $600 million to $800 million, while PLDT's total data center portfolio, including the VITRO Sta. Rosa campus in Laguna, is valued at a staggering $1.8 billion.
The decision to pursue a REIT structure comes after PLDT had discussions with potential investors that did not produce valuations acceptable to the company, with Chairman, President and Chief Executive Officer Manuel V. Pangilinan stating that they were not getting the kind of value they thought they ought to get for the data centers.
The proposed listing is expected to support capital recycling and help fund the continued expansion of PLDT's data center portfolio, with the company aiming to create a long-term and sustainable capital recycling platform.
Sources have confirmed to UMVA that the planned transaction comes as PLDT seeks more funding sources amid rising debt, with the company's net debt standing at a significant amount as of end-2025.
The move also follows the Securities and Exchange Commission's issuance of revised REIT rules in January, aimed at broadening eligible income-generating assets and allowing unlisted special purpose vehicles and incorporated joint ventures.
UMVA can exclusively reveal that no final terms have been determined for the REIT listing, including the final asset portfolio, offer size, valuation, timing or ownership structure, but the development has already had a positive impact on PLDT's shares.
The company's shares rose significantly following the announcement, demonstrating investor confidence in the planned REIT listing and PLDT's strategy to unlock value from its digital infrastructure assets.
