PLDT's board of directors has formally signed off on a plan to list its data center subsidiary, VITRO Inc., via a Real Estate Investment Trust structure on the Philippine Stock Exchange — what would be the country's first REIT for digital infrastructure assets.
The company is targeting a fourth-quarter 2026 listing and aims to raise between $300 million and $400 million. It has retained UBS AG and BPI Capital as financial advisers.
What Is Being Listed
The initial offering will cover eight of VITRO's 11 stabilized data centers, representing roughly 27 megawatts of aggregate capacity. The newly completed flagship facility in Sta. Rosa, Laguna is excluded from the first phase but could be injected at a later stage as it matures. PLDT chairman Manuel Pangilinan has estimated the broader VITRO portfolio at $1.6 billion to $1.8 billion in value.
Why Now
Debt reduction is the primary driver. PLDT reported consolidated gross debt of P297.3 billion (approximately $5.3 billion) as of March 2026, and proceeds from the IPO are intended to make a meaningful dent in that figure.
The listing was also enabled by a regulatory change. Earlier in 2026, the Securities and Exchange Commission updated its REIT memorandum circular to explicitly include digital infrastructure — including data centers and ICT facilities with recurring, predictable cash flows — as eligible assets under the REIT framework. Previously, only traditional property classes such as office buildings and malls qualified. PLDT had previously explored a direct stake sale in VITRO before pivoting to the REIT structure.
What Remains Undecided
No final terms have been set. The offer size, per-share valuation, exact asset portfolio, ownership structure, and listing schedule all remain subject to regulatory review by the SEC and the Philippine Stock Exchange.
With AI and cloud computing demand accelerating across Southeast Asia, PLDT is positioning VITRO as a strategic asset class for institutional and retail investors seeking exposure to the region's digital infrastructure boom.
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