Bilyonaryo Tony Tan Caktiong and real estate tycoon Edgar “Injap” Sia II are gearing up launch the country’s first industrial real estate investment trust (REIT) initial public offering by the second half.
CentralHub Industrial Centers Inc., a joint venture between Tan Caktiong-led Jollibee Foods Corp. and Sia’s DoubleDragon Properties Corp., is ramping up the construction of its industrial warehouse portfolio in preparation for its planned IPO.
The company recently completed CentralHub-Tarlac phase-4, comprising of a 6.2 hectare warehouse complex, adding to its existing hubs in Capiz, Pasig and Laguna.
New industrial hubs will soon rise in Iloilo, Davao and Cebu, further bumping up CentralHub’s industrial land portfolio of 43.8 hectares.
“We are currently ramping up the simultaneous construction of various CentralHub industrial complexes across the country as the demand for modern industrial warehouses continues to grow. We aim to establish a strong foothold in this sunrise property sector as we aim to make DoubleDragon become one of the largest landlords of industrial warehouse space in the Philippines,” said Sia, chairman of DoubleDragon.
“We believe that with the Covid19 pandemic pushing the acceleration of the ongoing shift from the old economy to the new economy will put property companies in a situation where it is not the current size of the company’s current leasable square meter portfolio that will be important, but the composition of the portfolio that will matter the most going forward,” he added.
SOURCE: Bilyonaryo
