DoubleDragon receives PSE approval for real estate investment trust offer

The Double Dragon Plaza among the Double Dragon Properties in Pasay City on May 22, 2018. Mark Demayo, ABS-CBN News / File

MANILA – DoubleDragon Properties Corp received approval from the Philippine Stock Exchange on Monday for the public offering of DDMP REIT Inc’s real estate investment trust.

The listing application includes up to 5.94 billion ordinary shares with an over-allotment option of up to 594.25 million shares, according to a statement on the stock exchange.

According to DoubleDragon, the offer price is up to P2.25 per share.

The DDMP basket is a “compelling REIT offering” as it includes a corner lot along Macapagal Avenue, the EDSA Extension and Roxas Boulevard, said Edgar “Injap” Sia II, chairman of DoubleDragon.

The value of the 4.75 hectare property with the title “Landbesitz” is a “game changer” because it will be held in the long term and this value should continue to increase over decades. he added.

“If the REIT shares include real estate with the title” real estate “, the hard value should be preserved in a hundred years. We see DDMP stock as ‘Pamana stock’ that even our future grandchildren will happily inherit, “said Sia.

Ayala Land’s AREIT is the country’s first real estate mutual fund.

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