DoubleDragon expands leasable portfolio
MANILA, Philippines — DoubleDragon Properties Corp. has expanded its leasable portfolio with the completion of phase 3 of CentralHub-Tarlac.
Phase-3 of CentralHub-Tarlac provided an additional 10,646 square meters of leasable space.
With the expansion, DoubleDragon is poised to end 2021 with a portfolio of 1.2 million square meters of gross floor area, one year ahead of its target.
DoubleDragon chairman Edgar “Injap” Sia II said the company is reaping the benefits of hard work in the last seven years.
“We are grateful for the efforts and support of all the stakeholders of DoubleDragon for this milestone, each and every square meter with land acquired and building constructed mainly in the last seven years are solid bricks that now serves as the core foundation of the hard value of DoubleDragon,” Sia said.
Sia said DoubleDragon’s real estate portfolio is seen to become its first core pillar as it is in the process of transforming into a holding company in select relevant industries with high growth potential.
He said the company is on track to reaching its principal strategic goal of P120 billion in total equity by 2030, coming from its current total equity of P59.23 billion as of March 31, 2021.
“Our whole team will continue to be relentless in our pursuit to make all the business units and brands under MerryMart and DoubleDragon a well-loved household brand serving well all its stakeholders and for both to become major contributor to our economy in the years to come,” Sia said.
CentralHub is an industrial real estate company with a portfolio of industrial warehouse complexes suited for different warehouse needs including commissary, cold storage facility and logistics distribution center.
Initially, the target was 100,000 sqm with 30,000 sqm coming from CentralHub in Hacienda Luisita in Tarlac, while the rest will be located in Luzon, Visayas and Mindanao.
As part of its growth plan, the CentralHub Industrial Centers plans to list in the market in 2022.
DoubleDragon Properties and its industrial leasing subsidiary, CentralHub signed a P3.97 billion agreement with Jollibee Foods Corp. wherein the latter will acquire common shares of CentralHub and infuse 16.4 hectares of industrial properties currently utilized as its commissaries.
The portfolio of industrial properties that will be infused into CentralHub includes the largest operating commissary of Jollibee.
As a result of Jollibee’s asset infusion, the total industrial land portfolio of CentralHub will grow to 39.8 hectares.