DDMP REIT listing today

MANILA, Philippines — DDMP REIT Inc. (DDMPR), the real estate investment trust company of tycoon Edgar “Injap” Sia, has moved its listing date to today, March 24.

This was due to high volume subscription, which required time for the lodging of shares.

“Due to the heavy volume of over 50,000 total investors who subscribed to the DDMP REIT initial public offering, the lodgement of shares has not yet been finished and would need an additional one day to complete,” Sia, DDMP REIT chairman, said in a notice sent out to investors Monday night.

“I am truly grateful for all your support. You, the retail shareholders will always be my priority,” Sia said.

DDMP REIT will be the second real estate investment trust (REIT) to debut on the local bourse.

The company offered up to 5.94 billion secondary common shares at a price of P2.25 per share.

The shares offered to the public were owned by DoubleDragon, Benedict Yujuico and Teresita Yujuico. The selling shareholders also set aside 594.2 million more shares for over-allotment.

Assuming the full exercise of the over-allotment option, new investors will corner 36.67 percent of the issued and outstanding common shares of DDMP REIT.

DoubleDragon will retain a 44.33 percent interest while the Yujuicos will continue to own 9.65 percent and 9.35 percent, respectively.

At present, DDMP REIT’s portfolio includes six office towers with retail components within DD Meridian Park in Pasay City. The company’s leasing spaces cater to a mix of tenants, such as business process outsourcing companies, government agencies and corporate locators.

As a REIT company in the Philippines, DDMP REIT shall distribute at least 90 percent of its annual distributable income as dividends.

The distributable income refers to the company’s net income as adjusted for unrealized gains and losses/expenses and impairment losses, and other items in accordance with internationally accepted accounting standards. It excludes proceeds from the sale of the REIT’s assets that are reinvested in the REIT within one year from the date of the sale.

The company tapped Credit Suisse (Singapore) Ltd., DBS Bank Ltd., Nomura Singapore Limited and PNB Capital and Investment Corp. as joint global coordinators for the REIT offering.

PSE president and CEO Ramon Monzon is optimistic DDMP REIT’s listing will encourage more real estate companies to participate in the newly created REIT landscape in the country.