Philippines’ fast-food giant Jollibee Foods Corp is teaming up with DoubleDragon and its industrial leasing unit CentralHub Industrial Centers Inc. And has signed a P3.97-billion deal for asset expansion and to create the country’s first and largest industrial real estate investment trust (REITs).

Under the terms of their agreement, Jollibee will purchase shares of CentralHub Industrial Centers – a Double Dragon subsidiary – and also transfer some of its properties to the REIT in transactions totaling 3.97 billion pesos ($79.6 million). CentralHub’s initial public offering is planned for next year, though the size of the deal has yet to be determined, Jollibee said.

Jollibee said the move will reduce assets currently tied up in real estate, allowing it to focus on its core food service and restaurant operations.

“We will use the proceeds from the eventual IPO of CentralHub to finance real estate investments for our new stores and commissaries, which we will convert again into more investments and shares in the REIT,” said Jollibee founder and Chairman Tony Tan Caktiong.

Based on a disclosure to the Philippine Stock Exchange, Jollibee will infuse 16.4 hectares of industrial properties currently utilized as its commissaries into CentralHub Industrial Centers Inc.

The portfolio of industrial properties that will be infused into CentralHub includes the largest operating commissary of Jollibee.

Under the Binding Agreement signed by Jollibee, it will acquire common shares of CentralHub in exchange for the industrial properties infused.

The additional commissary assets to be infused will increase the total industrial land portfolio of CentralHub to 39.8 hectares. CentralHub is unit of DoubleDragon Properties Corporation where Jollibee Chairman Tony Tan Caktiong is a major investor.

CentralHub has a portfolio of industrial warehouse complexes utilized as commissaries, cold storage facilities, and logistics distribution centers.