MANILA - DoubleDragon Properties Corp on Monday said it has secured the approval of the Philippine Stock Exchange for the public offer of DDMP REIT Inc's real estate investment trust.
The listing application covers up to 5.94 billion common shares with an over-allotment option of up to 594.25 million shares, it said in a disclosure to the stock exchange.
Offer price is up to P2.25 per share, DoubleDragon said.
The DDMP basket is a "compelling REIT offering" since it includes a corner lot located along Macapagal Avenue, EDSA Extension and Roxas Boulevard, DoubleDragon chairman Edgar "Injap" Sia II said.
The value of the prime double corner 4.75 hectare titled land ownership is a "game changer" since it will be held in perpetuity and that value should keep on appreciating for decades. he added.
“When there is underlying titled land ownership included in the REIT shares, even a hundred years from now it should keep its hard value intact. We see DDMP shares as a 'Pamana Stock' that even our future grandchildren will be happy to inherit," Sia said.
Ayala Land's AREIT is the first real estate investment trust in the country.