DoubleDragon Properties Corp. expects to spend the proceeds of its P14.7-billion real estate investment trust (REIT) sale to invest in four office towers in Manila, three hotel development in Boracay, Mactan, and Baguio and 20 new warehouses around the country.
The company said the reinvestment will be done within one year from receipt of the proceeds.
In November last year, DDMP Reit Inc., a unit of DoubleDragon filed with regulators a plan to sell 6.53 billion of its shares at an offer price of up to P2.25 apiece. It will be 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) Limited, DBS Bank Ltd., Nomura Singapore Limited, and CIMB Investment Bank Bhd as international bookrunners, while PNB Capital and Investment Corp., Investment & Capital Corp. of the Philippines (ICCP), Macquarie Capital Securities (Singapore) Pte. Limited, Maybank Kim Eng Securities Pte. Ltd., and RCBC Capital Corp., as local underwriters.
DDMP REIT’s REIT sale is sponsored by DoubleDragon and spouses Benedicto Yujuico and Teresita Yujuico, owners of the company.
DDMP REIT, formerly DD-Meridian Park Development Corp., has a portfolio of properties with a gross leasable area (GLA) of 172,252 square meters (sq.m.) covering three commercial properties comprising six office towers with retail components in DD Meridian Park.
The primarily office, mixed-use development, DD Meridian Park is DoubleDragon’s flagship project in Metro Manila, and is located at the corner of Macapagal avenue, EDSA extension and Roxas boulevard in the Bay Area of Metro Manila.
DoubleDragon Plaza, consisting of four 11-storey towers with a retail area on the ground floor, parking on the second and third levels, and BPO offices from the fifth to 11th levels approximately 139,240 sq.m., of GLA with a retail area of 11,377 sq.m., dedicated to established food concepts, basic services, a supermarket and a themed food hall.
DoubleDragon Center East consists of an 11-storey tower with a retail area on the ground floor, parking on the basement and 2nd levels, and offices from the 3rd to the 11th levels, with approximately 16,197 sq.m. of GLA.
DoubleDragon Center West on the other hand is an 11-storey tower with a retail area on the ground floor, parking on the basement and second levels, and offices from the third to the 11th levels, with approximately 16,815 sq.m., of GLA. – Ruelle Castro