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DDMP REIT, the real estate investment trust company owned by DoubleDragon Properties Corp., priced its initial public offering at a maximum of P2.25 per share. DDMP REIT is expected to grow to P14.7 billion in proceeds from the stock sale scheduled for this month based on the IPO price. The offering period is March 10-16, while the listing of the shares on the Philippine Stock Exchange is set on March 23. “The DDMP basket is considered to be a compelling REIT offering as it will include the land, a premier corner lot located along the main thoroughfares of Macapagal Ave., EDSA Extension and Roxas Boulevard, where the former are located. six buildings completed, ”DoubleDragon President Edgar Sia II previously said. “This feature is expected to be a game changer as the value of the main 4.75 hectare double corner block of land with titled property that will be held in perpetuity should continue to appreciate decade after decade, a very important inclusion for the domestic and foreign investors, “he said. The net proceeds from the offering will be reinvested in the Philippines, as required by relevant regulations. The company said most of the proceeds would be injected as equity into CentralHub Industrial Centers Inc. to increase the space and the footprint of its leasable industrial warehouse across the country.
Warehouse complexes are designed for use as warehouses, cold rooms, police stations or as logistics and distribution centers. DDMP chose Credit Suisse, DBS, Nomura and PNB Capital as joint global coordinators and joint book brokers, along with RCBC Capital, ICCP, Macquarie, Maybank Kim Eng and CIMB for the REIT IPO. DDMP REIT will be the second REIT company to go public on the local stock exchange, after AREIT Inc., led by Ayala Land, which held an initial public offering last year. Other companies that have also expressed interest in making REIT offerings include Filinvest Land Inc., Robinsons Land Corp. and Megaworld Corp. REIT is a new investment product that gives investors the option to invest directly in finished products that are already earning. money, such as residential and office units, hotels or shopping centers, or even infrastructure projects such as toll roads and power plants, and not just the developer. REIT companies must distribute 90 percent of revenue annually.
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