Bilyonaryo Injap Sia’s DoubleDragon Properties Corp. expects to raise from the public about P16.97 billion by listing specific units backed by a pool of assets.
In a stock exchange filing, DoubleDragon said it has an initial portfolio of P50.89 billion, 33.33% of which will be bundled into a property trust for listing in October this year.
The seven-tower DD Meridian Park with a total area of 248,349 square meters forms the first tranche of DoubleDragon’s REIT. A joint venture with the Yujuico family, the complex sits on a five-hectare prime commercial property at the corner of Macapagal Avenue and EDSA at the Bay Area, Pasay City.
It houses the head office of the Tourism Infrastructure and Enterprise Zone Authority as well as the head office of the Philippine Economic Zone Authority.
Proceeds from the REIT listing will go to the construction of 450,000 square meters of floor area which will further significantly increase the company’s leasable portfolio and recurring rental revenues in the near term.
Two more buildings, which are under construction, are planned to be injected into DoubleDragon’s REIT in two or three years.
DoubleDragon hopes to file its REIT application with securities regulators next month.
DoubleDragon currently has 803,000 square meters in its portfolio and plans to list via REIT about 200,000 to 250,000 square meters annually from 2020 to 2025, which will enable the company to unlock the values of its prime leasable assets and significantly strengthen its equity base year on year moving forward.