DoubleDragon REIT gets PSE nod

THE Philippine Stock Exchange Inc. (PSE) on Friday said they have approved the initial public offering (IPO) of the real estate investment trust (REIT) of DoubleDragon Properties Corp., DDMP REIT Inc.

“We are optimistic that more property companies will list REITs in the exchange this year given the benefits to the REIT company, its investors and to the country’s economy because of the reinvestment in the Philippines rule for the REIT’s sponsor,” PSE President and Chief Executive Officer Ramon Monzon was quoted as saying in a statement.

DDMP will serve as the second REIT in the Philippines, following the debut of Ayala Land Inc.’s AREIT Inc. last August.

The firm is set to offer up to 5.94 billion secondary common shares at P2.25 per share to a total of P14.71 billion.

The final offer price will be announced after the book building process.

DDMP’s offer period will run from March 10 to 16, while it is tentatively scheduled to be listed on the main board on March 23.

As with all IPOs, 10 percent of the offer shares will be set aside for local small investors.

The Securities and Exchange Commission also recently cleared the P14.71-billion REIT.

DDMP currently has six office towers with retail components within DD Meridian Park in Pasay City in its portfolio.

The company’s leasing spaces cater to business process outsourcing companies, government agencies and corporate locators.