CentralHub may launch Philippines 1st industrial REIT IPO in 2025

MANILA, Philippines — A joint venture between two industry powerhouses, DoubleDragon Corp. and Jollibee Foods Corp., is planning to proceed with the Philippines’ first industrial real estate investment trust (REIT) initial public offering (IPO) next year.

DoubleDragon, the listed property developer owned by Edgar “Injap” Sia II and Tony Tan Caktiong, said  the REIT listing of its industrial warehouse subsidiary CentralHub may push through by the second half of 2025 as interest rates start to decline.

“With the ongoing decline of interest rates globally, DoubleDragon expects the cap rates to also trend down, and once the cap rates go back to five to six percent level, DoubleDragon aims to proceed to conduct the REIT IPO listing of its CentralHub Industrial Warehouse subsidiary,” the company said.

DoubleDragon said that CentralHub continues to ramp up the construction of its industrial warehouse portfolio following the equity joint venture with Jollibee in preparation for the country’s’ first industrial REIT IPO by the second half of next year.

CentralHub to date has 60.57 hectares of industrial assets and plans to build a P24.8-billion leasing portfolio.

 DoubleDragon recorded a net income of P2.53 billion in the nine months ending September as revenues improved by 4.5 percent year-on-year to P6.42 billion.

Total equity expanded to P94.9 billion during the period, putting the company on track to exceed this year P100 billion in total equity for the first time.

Hotel101 Global Pte. Ltd., the Singapore-headquartered subsidiary of DoubleDragon, is pushing through with its US listing, expected to take place within the fourth quarter.

“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,” Sia said.

“Our entire team is excited about the months ahead as DoubleDragon prepares to receive its largest-ever capital injection through a series of strategic capital initiatives,” he said.