DoubleDragon spends P936M stabilization fund

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DoubleDragon Properties Corp. said its unit DDMP REIT Inc. spent P935.94 million as stabilization fund for its share price after listing in March, sourced from the company’s P14.7- billion initial public offering proceeds.

The amount is equivalent to 9.08 percent of the P10.3 billion proceeds that accrued to DoubleDragon as REIT sponsor. The rest of the proceeds accrued to Benedict V. Yujuico and Teresita M. Yujuico, also REIT sponsors.

Of the proceeds that went to DoubleDragon, the company said it has disbursed P940.47 million as outlined in its reinvestment plan.

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A total of P336.53 million was disbursed to Robinsons DoubleDragon Square, a joint venture office project of the company with Robinsons Land Corp. located in Bridgetowne Libis Quezon City. Another P603.94 million was disbursed for Jollibee Tower, a Grade A 41-storey commercial and office tower in Ortigas.

In total, the company has disbursed P940.47 million from the proceeds it received.

As of March 31, 2021, the remaining balance of proceeds from DDMPR IPO amounts to P8.07 billion, DoubleDragon said. – Ruelle Castro

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