Let’s get this started: Doubledragon files P14.7B REIT prospectus

DoubleDragon Properties Inc. of bilyonaryo Injap Sia has lodged a preliminary prospectus for a mainboard listing of its real estate investment trust (REIT) on the Philippine Stock Exchange.

DDMP REIT Inc., the second REIT to list in the country after Ayala Land’s AREIT Inc., will offer up to 5.94 billion common shares with an over allotment option of up to 594.25 million shares at a maximum price of P2.25 apiece. It hopes to raise up to P14.7 billion from its initial public offering.

Credit Suisse, DBS, Nomura and PNB Capital are the joint global coordinators and bookrunners alongside RCBC Capital Corp., Maybank KimEng, CIMB and Investment Capital Corp. of the Philippnes for the issue.

The REIT consists of six buildings at the corner of EDSA Extension and Diosdado Macapagal Boulevard.

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.

Majority of the proceeds will beinfused as equity into CentralHub Industrial Centers increase its leasable industrial warehouse space and footprint nationwide. The warehouse complexes are designed for use as warehouses, cold storage facilities,commissaries, or as logistics anddistribution centers.

DDMP REIT will include the first 6 completed LEED Gold Certified buildings in DD Meridian Park. The buildings are partially powered by a solar installation located in the roof deck.

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