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DoubleDragon gets PSE nod for P14.7B REIT IPO

DoubleDragon to lease out 50 Citymall rooftops for common towers

The Philippine Stock Exchange has approved the planned initial public offering this month of DDMP REIT Inc., a real estate investment trust backed by bilyonaryo Injap Sia’s DoubleDragon Properties Corp.

The Philippine Stock Exchange has approved the planned initial public offering this month of DDMP REIT Inc., a real estate investment trust backed by bilyonaryo Injap Sia’s DoubleDragon Properties Corp.

DDMP will offer up to 6.54 billion shares at a maximum price of P2.25 apiece. The base offer comprises 5.94 billion shares while an additional 594.25 million shares may be offered in case of strong demand.

The offer price will be finalized on March 5 while the offer period will run from March 10 to 16. The shares will start trading on the stock exchange on March 23.

Assuming the overallotment option is fully exercised, the company’s estimated public float will be 36.67%.

This will be the second REIT listing in the country after Ayala Land’s AREIT Inc. which raised P13.6 billion.

DDMP’s portfolio comprises 6 office towers with retail components at its DD Meridian Park in Pasay City. The buildings cater to BPOs, government agencies and corporate locators.

Credit Suisse Ltd., DBS Bank Ltd., Nomura Singapore Ltd. and PNB Capital and Investment Corp. are the joint global coordinators and joint bookrunners alongside CIMB Investment Bank Bhd, Investment Capital Corp. of the Philippines, Macquarie Capital Securities Pte., Maybank Kim Eng Securities Pte. and RCBC Capital Corp.

PNB Capital, ICCP and RCBC Capital are the domestic underwriters.

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