DoubleDragon expands warehouse portfolio

DoubleDragon Corp. has completed a five-hectare industrial warehouse complex under CentralHub in Cebu, which will further boost its recurring income, according to a report by Manila Standard.

This brings the company’s total leasing portfolio to 1.5 million square meters of gross floor area (GFA), DoubleDragon said in a disclosure to the stock exchange.

The Cebu facility, which is fully pre-leased, is part of CentralHub, a joint venture between DoubleDragon and fast-food giant Jollibee Foods Corp.

It supports DoubleDragon’s plan to build a P24.8 billion warehouse leasing portfolio and list CentralHub as the first industrial Real Estate Investment Trust (REIT) in the Philippines.

“This new CentralHub warehouse complex in Cebu further solidifies the recurring revenue backbone of DoubleDragon,” the company said. “We are actively building out CentralHub’s industrial warehouse portfolio.”

Aside from Cebu, CentralHub assets are in Capiz, Tarlac, Pasig and Laguna, while ongoing developments are located in Iloilo, Davao.

DoubleDragon’s portfolio includes community malls, office buildings, hotels and warehouse facilities across Luzon, Visayas and Mindanao.

Its nationwide portfolio of titled hard assets footprint strategically located in Luzon, Visayas and Mindanao is expected to fully mature by 2025. The company also holds hotels assets overseas through its subsidiary Hotel101 Global.

DoubleDragon’s position was strengthened by the recent U.S. NASDAQ listing of its subsidiary, Hotel101 Global, the first Filipino-owned company to be listed and traded on the NASDAQ.

The brand is targeting 1 million rooms across 100 countries, with its first overseas project underway in Madrid, Spain.

The company last year reported plans to list its CentralHub unit this year, making it the first industrial REIT in the local bourse.