CentralHub completes 6.2-hectare industrial warehouse in Tarlac
CENTRALHUB Industrial Centers, Inc., the joint venture between DoubleDragon Corp. and Jollibee Foods Corp., has expanded its industrial warehouse portfolio with the completion of its 6.2-hectare industrial warehouse complex in Tarlac.
“We are currently ramping up the simultaneous construction of various CentralHub industrial complexes across the country as the demand for modern industrial warehouses continues to grow,” DoubleDragon Chairman and Chief Executive Officer Edgar “Injap” J. Sia II said in a statement on Monday.
“We aim to establish a strong foothold in this sunrise property sector as we aim to make DoubleDragon become one of the largest landlords of industrial warehouse space in the Philippines,” he added.
DoubleDragon said CentralHub has to date 43.8 hectares of industrial assets, and that it continues to ramp up construction of its industrial warehouse portfolio after it recently completed its equity joint venture with Jollibee.
The joint venture, which is aimed to be the country’s first industrial real estate investment trust (REIT), is worth P24.8 billion of industrial leasing portfolio and is geared for its initial public offering in the second half of 2022.
CentralHub’s industrial warehouse complexes are fit for use as a warehouse, commissary, cold storage facility, and logistics distribution center.
The completed CentralHub assets are in Capiz, Tarlac, Pasig, and Laguna, while three more hubs are expected to rise in Iloilo, Davao, and Cebu.
Mr. Sia said the pandemic ”will put property companies in a situation where it is not the current size of the company’s current leasable square meter portfolio that will be important, but the composition of the portfolio that will matter the most going forward.”
DoubleDragon said it had “significantly strengthened” its debt-to-equity ratio during the pandemic to become one of the “lowest and healthiest” ratios among listed companies in the Philippines.
On Monday, shares in DoubleDragon dipped by 0.28% or two centavos to close at P7.18 each at the stock exchange. — Marielle C. Lucenio
