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Manila Bulletin devider Business devider The Stock Market devider SM Prime defers $1-billion REIT IPO beyond 2026

SM Prime defers $1-billion REIT IPO beyond 2026

Published Aug 21, 2025 04:13 pm
SM Prime Chief Finance Officer John Nai Peng C. Ong
SM Prime Chief Finance Officer John Nai Peng C. Ong
Investors eager to buy into the planned real estate investment trust of SM Prime Holdings Inc., a leading integrated property developer in Southeast Asia, will have to wait longer as the $1 billion initial public offering has been deferred to “beyond 2026.”
During the Philippine Stock Exchange STAR Investor Day, SM Prime Chief Finance Officer John Nai Peng C. Ong said, “The plan in terms of having a REIT [real estate investment trust] is still there. But, we have to be upfront to say that in terms of timing, we have to defer the plan.”
“Instead of coming up with a REIT in 2026, we may have to defer it a bit. And we have to take into account market conditions as well as liquidity in the market. So, while the view on REIT is still there, the timing may have to be different, beyond the year 2025, and, I think, personally, even beyond 2026,” he added.
SM Prime President Jeffrey Lim said earlier that the REIT IPO will depend on how they will use the proceeds since the company has a lot of funding options for its capital expenditures, even without the $1 billion that it aims to raise from the REIT IPO.
While they still plan to do the REIT IPO, Lim said, “it’s not on the top of the list since we are able to get funds (elsewhere) for our expansion. But, if the right opportunity is there, then we will consider the IPO.”
However, despite being spoiled with various fund-raising options, he said the size of the REIT IPO will still be at $1 billion because, “if we will do one, it has to be of a size that will be attractive to foreign investors. Since you have to have the size and liquidity.”
While the shares will be offered to both foreign and domestic investors, Lim said SM REIT will be listed only in the Philippines as there are no plans yet for dual listing with a bourse overseas.
SM Prime initially planned to undertake its REIT IPO late in 2022 to help fund its massive P136 billion capital expenditures for 2023 to 2024 including a portion of the $2.5 billion to $3 billion needed for the reclamation project along Manila Bay.
However, Lim said the delay in the REIT IPO will not affect the company’s expansion plans because “so far we are able to fund our requirements thru borrowings.”

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