Breaking News
0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Philippines' DoubleDragon plans $1.3 billion multi-year REIT offering

Stock MarketsFeb 11, 2020 11:31PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
Philippines' DoubleDragon plans $1.3 billion multi-year REIT offering

By Neil Jerome Morales

MANILA (Reuters) - The Philippines' DoubleDragon Properties Corp (PS:DD) plans a sale of shares worth up to 66 billion pesos ($1.3 billion) in a real estate investment trust (REIT), starting this year, to generate funds for expansion, its chairman said on Wednesday.

DoubleDragon is one of the largest landlords of Chinese offshore gaming operators, which are the biggest office tenants in Manila, the capital, occupying 1.26 million sq. m. of space by the end of 2019, data from Colliers International shows.

Last month, the Philippines made rules on REITs more attractive by lowering public float requirements and offering tax perks, a move expected to entice property firms to tap the markets for new capital.

DoubleDragon plans annual share sales of 11 billion pesos ($217.56 million) in its REIT from 2020 to 2025, Chairman Edgar Sia told Reuters in an e-mail.

Each REIT offer will include 200,000 sqm of DoubleDragon's leasing assets, he added.

"We intend to choose the most mature assets for the first tranche of REIT listing in the first year, and then the following year choose another batch of leasable space that has ripened and matured that year," Sia said.

Property firms shied away from the REIT law of 2009 because of a high public ownership requirement and transaction taxes.

Last week, Ayala Land Inc (PS:ALI) filed an application for a share sale of up to 14.4 billion pesos ($284.9 million) in a REIT, the country's first.

REITs, which manage real estate assets such as hotels, office buildings and malls that regularly generate profits, are attractive to investors seeking regular dividends.

DoubleDragon targets a portfolio of 1.2 million sq.m. of office leasing, provincial retail and industrial warehouse by 2020.

New funds from the REIT offering will be used for provincial projects, Sia said. Most of DoubleDragon's commercial projects are in the provinces, where retail is not as saturated as the capital.

Philippines' DoubleDragon plans $1.3 billion multi-year REIT offering
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (1)
Eduardo jr Evardonie
EduardoEvardonie Dec 01, 2020 11:57AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
how can I claim my close position
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email