DoubleDragon ties up with Cargill
The industrial leasing unit of DoubleDragon Properties Corp. has teamed up with American agro-industrial giant Cargill to develop a string of industrial facilities in the country.
This will form part of the leasable industrial portfolio of DoubleDragon’s CentralHub Industrial Centers Inc. and also enable Cargill to proceed with its planned facilities covering about 30 hectares of industrial development across multiple locations, DoubleDragon said in a disclosure to the Philippine Stock Exchange yesterday.
CentralHub formed a strategic partnership with Cargill through its subsidiary in the Philippines, C-Joy Poultry Meats Production Inc.
“This partnership with Cargill is in line with DoubleDragon’s vision to make CentralHub the leading provider of industrial complexes in the Philippines. These industrial facilities will add a substantial amount of leasable space to our growing leasable portfolio nationwide,” DoubleDragon chair Edgar Sia II said.
“Among its peers, DoubleDragon aspires to deliver the highest level of recurring revenue from its string of appreciating prime properties across the diversified sunrise industries of provincial retail, office, hotels and industrial facilities,” added Sia.
Cargill is a globally recognized brand and is currently the largest private company in the United States. It operates across 70 countries as a trusted partner for food, agriculture, financial and industrial customers.
“We are very optimistic for the growth prospects of CentralHub as we expect the demand for modern industrial complexes to continue to increase significantly as more companies will require modern standardized multi-use warehouses suited for commissaries, cold storage, light manufacturing and logistic distribution centers,” said DoubleDragon chief investment officer Hannah Yulo.
“CentralHub could potentially be the first industrial REIT (real estate investment trust) in the Philippines,” added Yulo.
REIT gives investors the option to invest directly in the finished products that are already earning money—such as residential and office units, hotels or shopping malls or even infrastructure ventures like toll roads and power plants—and not just the property developer itself.
The PSE expects REIT to launch as a new asset class in the Philippines this year.
Industrial leasing is one of DoubleDragon’s four pillars of growth, along with provincial retail leasing, office leasing and hospitality.
