DoubleDragon Properties Corp. is looking to include seven buildings in the first tranche of its real estate investment trust (REIT) portfolio. In a disclosure on Friday, the listed real estate developer said the planned DD Meridian Park REIT (DDMP REIT) would consist of seven buildings with a total area of 248,349 square meters. Estimated value of the basket of REIT assets is P50.89 billion and the company expects to raise P16.97 billion from the planned REIT listing. This represents 33.33 percent of the selected REIT assets, the minimum public float based on the revised REIT listing rules. DoubleDragon said proceeds would be enough to construct around 450,000 sqm of building floor area. Two more buildings in the DD Meridian Park complex are eyed to be included in the DDMP REIT after two to three years. DoubleDragon looks to file its REIT listing application with the Securities and Exchange Commission and the Philippine Stock Exchange in August, while it plans to list DDMP REIT by October. DoubleDragon shares gained 10 centavos or 0.59 percent to finish at P17.10 apiece on Friday.
