DoubleDragon Properties Corp. will be taking in all proceeds of its unit’s P14.7 billion real estate investment trust (REIT).
Regulatory filings by DDMP Reit Inc. showed the company will be offering for sale 6.53 billion of its shares at an offer price of up to P2.25 apiece.
This is divided into a firm offer of 5.94 billion shares and another 594.25 million shares covering the greenshoe option in an initial public offer that will be handled by Credit Suisse (Singapore) Ltd., DBS Bank Ltd., Nomura Singapore Ltd., and CIMB Investment Bank Bhd as international bookrunners, while PNB Capital and Investment Corp., Investment & Capital Corporation of the Philippines , Macquarie Capital Securities (Singapore) Pte. Ltd., Maybank Kim Eng Securities Pte. Ltd. and RCBC Capital Corp. as local underwriters.
The shares to be sold are held by shareholders DoubleDragon Properties Corp., Benedicto V. Yujuico and Teresita M. Yujuico.
DDMP Reit said while none of the proceeds will accrue to the company, they will be “used by the selling shareholders in accordance with their reinvestment plan.”
“Pending the use of such proceeds, the Selling Shareholders may invest the net proceeds in short-term liquid investments including but not limited to short-term government securities, bank deposits and money market placements which are expected to earn interest at prevailing market rates,” it said.
DDMP REIT, formerly DD-Meridian Park Development Corp., has a portfolio of properties with a gross leasable area of 172,252 square meters covering three commercial properties comprising six office towers with retail components in DD Meridian Park.
The primarily-office developed, mixed-use development, DD Meridian Park is DoubleDragon’s flagship project in Metro Manila, and is located in the Bay Area of Metro Manila.
DoubleDragon Plaza consists of four 11-storey towers with a retail area and BPO offices while
