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DoubleDragon Properties Corp. subsidiary CentralHub Industrial Centers Inc. (CICI) completed construction of the fourth phase of an industrial warehouse complex in Tarlac
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The CentralHub-Tarlac Phase-4 project completes the 6.2-hectare industrial warehouse complex in the province
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CICI continues to ramp up construction of its industrial warehouse portfolio as it prepares for the Philippines’ first industrial real estate investment trust initial public offering in the second half of 2022
DoubleDragon Properties Corp. subsidiary CentralHub Industrial Centers Inc. (CICI) has completed construction of CentralHub-Tarlac Phase-4, the fourth phase of an industrial warehouse complex located in Tarlac.
CentralHub-Tarlac Phase-4 completes the 6.2-hectare industrial warehouse complex of CICI in the province.
CICI is a joint venture between DoubleDragon and Jollibee Foods Corp. (JFC), and is DoubleDragon’s industrial leasing segment providing modern logistics warehouses suited for commissaries, cold storage and logistics centers.
DoubleDragon has so far completed CentralHub-Capiz, CentralHub-Tarlac, CentralHub-Pasig, CentralHub-Laguna1 and CentralHub-Laguna2. It will soon add the central hubs in Iloilo, Davao, and Cebu to its completed portfolio.
Each hub will contain modern standardized multi-use warehouses that are expected to fulfill the requirements of fast-moving consumer goods companies, retailers, fast food brands, cold storage providers, logistics operators and e-commerce companies.
CICI, which to date has 43.8 hectares of industrial assets, said that after recently completing its equity joint venture with JFC, it continues to ramp up construction of its industrial warehouse portfolio through the building out of its P24.8-billion industrial leasing portfolio. This is in preparation for the Philippines’ first industrial real estate investment trust (REIT) initial public offering in the second half of 2022.
“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. 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,” DoubleDragon chairman Edgar Sia II said in a statement.
“We believe that with the COVID-19 pandemic pushing the acceleration of the ongoing shift from the old economy to the new economy [it] 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,” Sia added.
DoubleDragon said its four core pillars of growth are the portfolio of community centers spread out in the provincial city centers, its pioneering hybrid condotel brand Hotel101, its prime blocks of landmark office buildings portfolio, and its CentralHub chain of industrial warehouse complexes.
