DoubleDragon Properties Corp. of tycoon Edgar “Injap” Sia II and its industrial leasing subsidiary, CentralHub Industrial Centers Inc. (CentralHub) have signed a P3.97 billion agreement with Jollibee Foods Corp.
Under the binding agreement, executed last month, Jollibee will acquire common shares of CentralHub and infuse its 16.4 hectares of industrial properties currently utilized as its commissaries.
The portfolio of industrial properties that will be infused into CentralHub includes the largest operating commissary of Jollibee.
The additional commissary assets to be infused will increase the total industrial land portfolio of CentralHub to 39.8 hectares.
“We are excited to work together with Jollibee in developing CentralHub into the largest landlord of industrial warehouses in the country. We envision CentralHub to become a major recurring income contributor to DoubleDragon,” said Sia.
“Not only will this partnership between DoubleDragon and Jollibee bring forth many benefits to both sides but it will also accelerate CentralHub’s goal to become the first and the largest industrial real estate investment trust (REIT) in the Philippine Stock Exchange,” he added.