CITICORE Energy REIT Corp.’s (CREIT) board of directors has approved the acquisition of several parcels of land worth P2.5 billion.

In a disclosure to the exchange, CREIT said its board, during its meeting on Wednesday, had given the green light to purchase land parcels from Citicore Solar Bulacan, Inc. with an aggregated area of 253,880 square meters
(sq.m.) in Bulacan for P1.75 billion.

The board also agreed to buy 79,997 sq.m. of land worth P753.8 million from Citicore Solar South Cotabato, Inc.

CREIT last month had its initial public offering (IPO) worth P6.4 billion and became the first listed REIT company focused on renewable energy on Feb. 22.

It sold around 2.51 billion shares for P2.55 apiece. Of the share sale, 1.05 billion are primary common shares. CREIT sponsor Citicore Renewable Energy Corp. sold 1.13 billion secondary shares and an over-allotment of 327.27 million shares.

The IPO proceeds will be used to purchase the land parcels.

CREIT targets to boost its power portfolio to 1,500 megawatts (MW) in the next five years, from the existing 145 MW, to meet growing demand for renewable energy sources.

On Wednesday, shares in the company rose 10 centavos or 3.92% to end P2.65 apiece at the stock exchange. — Marielle C. Lucenio