MANILA— Jollibee Foods Corp said Friday its subsidiary Zenith Foods Corp has executed a definitive agreement implementing its investment into DoubleDragon's CentralHub Industrial Center.
CentralHub, which develops industrial warehouse complexes suited for commissaries, cold storage and logistics centers, intends to "eventually" register and operate as a real estate investment trust (REIT), JFC told the stock exchange.
"Further to its disclosure last July 7, 2021, Jollibee Foods Corporation updates the public that the Company, together with its wholly owned subsidiary Zenith Foods Corporation, has executed the definitive agreements today, August 19, 2021, implementing their investment into CentralHub Industrial Centers (CH), Inc., a company in the industrial real estate business," it said.
CentralHub's planned initial public offering is in 2022 but the timing is subject to the filing for REIT listing and the agreement between JFC and DoubleDragon, JFC said.
Edgar "Injap" Sia II and Jollibee founder Tony Tan Caktiong are chairman and co-chairman of DoubleDragon.
Several other real estate firms have filed for or are seeking approval for their REITs instruments.