Double Dragon Properties, a major real estate developer in the Philippines, announced on the 17th that it has completed the construction of a group of warehouses in the fourth phase of the Central Hub industrial complex in Tarlac City, north of Metro Manila.

The entire facility covers an area of 6.2 hectares. In addition to the warehouses, the facility includes refrigerated storage facilities, facilities for light industry, and distribution centers.

Double Dragon is aiming for an initial public offering (IPO) of the facility as the Philippines’ first industrial REIT in the second half of 2022. The amount raised is expected to be about 24.8 billion pesos (about 55 billion yen).