Press Room

CREIT wins Best IPO Award on first listing anniversary

Posted on February 27, 2023

Citicore Energy REIT Corp.’s (CREIT or the “Company”) initial public offering (IPO) was hailed as the Best IPO for the Philippines in The Asset Triple A Country Awards for Sustainable Finance 2022. The award was formally presented and received by CREIT Chairman Edgar B. Saavedra, President and CEO Oliver Y. Tan, and Director Manuel Louie B. Ferrer during the Awarding Ceremony held at the Four Seasons Hotel, Hong Kong on February 23, 2023.


“This is the first renewable energy-focused real estate investment trust (REIT) in the Philippines with a unique green asset portfolio to list in the PSE. As such, it was structured differently from other local REITs as all deposited properties are leased out to renewable energy generators,” The Asset claimed in a statement.


The Asset's annual Triple A recognition represents the industry's most prestigious awards for banking, finance, treasury and the capital markets. As the financial multi-media group with the widest reach among Asian issuers and global institutional investors, The Asset has unparalleled insight, which forms the foundation for its much-anticipated annual awards.


Incidentally, exactly a year and one day before the Awarding, CREIT debuted in the Philippine Stock Exchange (PSE) via the IPO of the country’s first renewable energy REIT. As the Company celebrates its first listing anniversary this year, the Best IPO Award befittingly coincides with this milestone.


“The CREIT IPO was initiated with the goal of providing the best value proposition to the investing community and the creation of a new REIT asset class outside the traditional commercial property space. The issue, which focused on renewable energy, has paved the way for possible listing of other diversified REIT products, outside of the conventional office and commercial assets, that would hopefully further develop the local capital market putting emphasis on impact investing and ESG investments,” said Edgar B. Saavedra, Chairman of CREIT.


CREIT’s unique green asset portfolio, with total landholdings of almost 2,000,000 square meters and backed by 100% occupancy all year-round, has allowed the Company to declare above-prescribed and steady dividends during its first listing year.


After twelve months, CREIT’s pioneering exercise invited a more revolutionary approach among other corporates, highlighted by other energy-related REIT issuances and other potential leasing assets in the REIT portfolio.


“As we celebrate the Company’s first listing anniversary, we are very proud to have created a ripple effect across the local REIT market, in terms of novelty and diversity.  We also hope that the underlying themes behind CREIT – renewable energy, environmental sustainability, and social responsibility – will also gain more traction as we race towards a net zero carbon future and promote inclusive growth,” said Oliver Y. Tan, CREIT President and CEO.


The Company was given a Dark Green Rating by Cicero Shades of Green, the highest ranking bestowed to date among Southeast Asian companies. Shades of Green is now a part of S&P Global and the leading provider of independent, research-based evaluations of green bond and sustainability financing frameworks to determine their environmental robustness.



Citicore Energy REIT Corp. (C-REIT)is the country’s first energy REIT, focused on delivering excellent value and attractive returns to shareholders by responsibly harnessing nature’s resources and empowering communities. C-REIT operates as a REIT upon compliance with the Philippine REIT Law.

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