Bilyonaryo Injap Sia II is seeking to raise P14.7 billion from the initial public offering of a real estate investment trust.
In a regulatory filing, DoubleDragon Properties said it had tapped six foreign and three domestic underwriters for the listing of DDMP REIT Inc. (formerly DD-Meridian Park Development Corp.). It will be the second REIT to be listed in the country after Ayala Land’s AREIT Inc.
Proceeds from the offer will be used to construct about 425,000 square meters of building floor area which will further significantly increase the leasable portfolio and recurring rental revenues of the company.
DDMP REIT’s portfolio currently consists of six buildings at the corner of EDSA Extension and Diosdado Macapagal Boulevard.
“This feature is expected to be a game changer since the value of the prime double corner 4.75 hectare block of land with titled land ownership to be held inperpetuity should keep on appreciating decade afters ecade, a very important inclusion for both domestic and foreign investors,” said Sia, chairman of DoubleDragon.
When there is underlying titled land ownershipincluded in the REIT shares, even a hundred years from now it should keep its hard value intact. We see DDMPshares as a ‘Pamana Stock’ that even our future grandchildren will be happy to inherit,” he added.