News ICCP on Double Dragon’s P14.71 billion Real Estate Investment Trust IPO
Investment & Capital Corporation of the Philippines (ICCP) acted as one of the domestic underwriters for DoubleDragon Properties’ initial public offering (IPO) of its real estate investment (REIT) trust worth P14.71 billion, the largest REIT issuance in the Philippines so far.
“ICCP is pleased to have been part of this important offering,” states Valentino S. Bagatsing, ICCP President & CEO. “In addition to providing investors steady returns amidst depressed interest rates, the fact that the underlying land is included provides a strong hedge against anticipated inflation,” he said.
DDMP REIT, Inc. (DDMPR) successfully debuted at the stock market last March 24, 2021 with 17.83 billion shares listed. DDMPR is the second REIT to debut at the stock market after Ayala Inc.’s REIT offering last year.
DDMPR’s portfolio includes six office towers within the DD Meridian Park at the Bay Area in Pasay City which offers 280,000 square meters of office space.
DDMPR now holds the record for the highest number of local small investors and retail investors for an IPO, with about 40,000 retail investors invested in DDMPR’s REIT. A number of these investors come from outside Metro Manila.
Credit Suisse Ltd, DBS Bank Ltd, Nomura Singapore Ltd and PNB Capital and Investment Corp acted as joint global coordinators for the offering, while Credit Suisse, DBS, Nomura, CIMB, Macquarie, and Maybank are the bookrunners, with PNB Capital, RCBC Capital and ICCP as domestic underwriters.