Injap Sia's DoubleDragon Reveals Details of P14.7 Billion REIT IPO

It’s the second REIT IPO this year.

DoubleDragon Properties Inc has finally filed its registration statement with the Securities and Exchange Commission for the initial public offering (IPO) of its real estate investment trust (REIT) DDMP REIT Inc. 

The REIT IPO consists of up to 5.94 billion common shares with an over-allotment option of up to 594.25 million common shares. At an indicative offer price of up to P2.25 per share, the entire IPO is worth up to P14.7 billion. 

According to the company, 100 percent of the combined shareholders’ proceeds from the REIT IPO will be reinvested in the Philippines, which is provided for under the Revised Implementing Rules and Regulations (IRR) of Republic Act No. 9856, or the REIT Act of 2009. A majority of the proceeds will be infused as equity into CentralHub Industrial Centers Inc. to 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 and distribution centers.

DDMP’s REIT offer includes the first six buildings in DoubleDragon Property’s most valuable property portfolio, DD Meridian Park in Pasay City. According to DoubleDragon, which is chaired by Edgar “Injap” Sia, the buildings are recently built and LEED Gold Certified in the case of the four towers of DoubleDragon Plaza, while DoubleDragon East & West are currently pre-certified LEED Silver with above standard specifications.

The buildings use LED lights and is partially powered by a solar installation located in its roof deck. The location is walking distance to the LRT/MRT station and houses prominent tenants including the head office of the Tourism Infrastructure and Enterprise Zone Authority (TIEZA) and the head office of the Philippine Economic Zone Authority (PEZA).


In addition to the six buildings that will form the first tranche of DDMP REIT, the company has said that two more buildings also located within the DD Meridian Park complex that are still under construction are planned to be infused in the DDMP REIT “within two to three years.” 

This is the second REIT listing in the country following Ayala Land’s AREIT Inc last August.

What are REITS

REITs are essentially corporations that manage real estate assets that produce regular income such as hotels, apartment buildings, office and commercial buildings, and shopping malls. According to the Securities and Exchange Commission, besides providing real estate companies a cheaper source of capital and promoting economic development, growth in tourism and liquidity in the capital markets, REITs allow both small and large investors to participate in the direct ownership of real estate and is an alternative investment instrument to foreign investors as well as OFWs.


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Paul John Caña
Associate Editor, Esquire Philippines
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