DoubleDragon Corp. said Friday it plans to conduct an initial public offering for its unit Centralhub which is engaged in development of industrial assets across the country in the second half of 2025.
CentralHub, which has 60.57 hectares of industrial assets worth P24.8 billion, continues to ramp up construction of its industry warehouse portfolio in preparation for the Philippines’ first industrial-themed real estate investment (REIT) offering, DoubleDragon said in a disclosure to the stock exchange.
“With interest rates now starting to consistently decline, REIT listing of DD’s Industrial Warehouse subsidiary, CentralHub, may push through by the second half of 2025, once the cap rates start to go back to 5-to-6 percent level which would most likely be possible by the second half of next year,” the company said.
CentralHub’s industrial warehouse complexes are fit for use as a warehouse, commissary, cold storage facility and logistics distribution center.
DoubleDragon is also gearing up for the listing of Hotel101 Global in US’ NASDAQ before end-2024.
“We are excited to make happen Hotel101 Global listing as it is set to be the first from the Philippines to list in Nasdaq and our listing team and counsels in Manila, Singapore, Hong Kong and New York are currently working on the process that we expect before the end of the year or as soon as possible,” said DoubleDragon chairman Edgar Injap Sia II.
Hotel101 sold a significant inventory of units from its Hotel101 overseas projects, including Hotel101-Niseko and Hotel101-Madrid as of Sept. 30, 2024,
Meanwhile, DoubleDragon said that its nine-month net income grew 2.4 percent year-on-year to P2.53 billion. Revenues rose 4.46 percent to P6.42 billion.
DoubleDragon is a joint venture between Sia, founder of Mang Inasal and Honeystar Holdings Corp. led by Jollibee Foods Corp. founder Tony Tan Caktiong.
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