DoubleDragon Properties Corporation is seeking to raise up to P14.7 billion from the public listing of its real estate investment trust DDMP REIT Inc. (formerly DD-Meridian Park Development Corporation
Documents filed with the Securities and Exchange Commission, DDMP REIT is planning to offer up to 6.3 billion shares consisting of 5.94 billion firm shares and 594.25 million shares under its over-allotment option,
All the shares are secondary shares being sold by existing shareholders at the offer price of up to 2.25 per share. No primary or new shares are being offered by the company itself to raise fresh cash.
The selling shareholders are DoubleDragon, Benedicto Yujuico and Teresita Yujuico.
DD currently owns 12.48 billion DDMP REIT shares equivalent to a 70 percent stake but will be reduced to 44.33 percent or 7.9 billion shares after the offering. Benedicto Yujuico’s stake will drop from 2.72 billion or 15.24 percent to 1.72 billion or 9.65 percent, while Teresita Yujuico’s interest will be reduced from 2.63 billion shares or 14.76 percent to 1.67 billion shares or 9.35 percent.
The target offering period is on February 10 to February 17, 2021.
As of date of this REIT Plan, the Company’s property portfolio consists of three commercial properties comprising six office towers with retail components in DD Meridian Park.
DD Meridian Park is the Company’s flagship project in Metro Manila, and is located along the corners of the main roads of Macapagal Avenue, EDSA Extension and Roxas Boulevard in the Bay Area of Metro Manila.
DD Meridian Park is being developed as an office-led mixed-use development. The land on which these respective buildings are built form part of the Company’s asset portfolio and is owned by the Company.
DoubleDragon Plaza, consists of four 11-storey towers with a retail area on the ground floor, parking on the 2nd to 3rd levels, and BPO offices from the 5th to the 11th levels. It has approximately 139,240 sq.m. of Gross Leasable Area.
DoubleDragon Center East is a commercial property in DD Meridian Park consisting 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 wih approximately 16,197 sq.m. of Gross Leasable Area.
DoubleDragon Center West is a commercial property in DD Meridian Park consisting of an 11-storey tower with a retail area on the ground floor, parking on the basement and second levels, and offices from the 3rd to the 11th levels with approximately 16,815 sq.m. of leasable space.(James A. Loyola)