DoubleDragon readies P66B REIT IPO
DoubleDragon Properties Corp. of businessman Injap Sia is considering bundling its commercial real estate assets into a real estate investment trust for a potential initial public offering that could raise up to P66 billion.
Quoting Sia, Reuters reported that DoubleDragon was looking at raising ₱11 billion annually from the offering of REITs from 2020 to 2025 to bankroll its aggressive expansion program.
The REIT will include 200,000 square meters of leasable assets.
“We intend to choose the most mature assets for the first tranche of REIT listing in the first year, and then the following year choose another batch of leasable space that has ripened and matured that year,” Sia told Reuters.
DoubleDragon aims to boost its portfolio to 1.2 million sq.m. of office leasing, provincial retail and industrial warehouse by the end of the year.