Jollibee Foods Corporation is investing in an industrial property developer by infusing P3.97 billion worth of land used by its commissaries to get a foot into the real estate investment trust space.
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.
The entry of Jolibee into CentralHub is seen to accelerate CentralHub’s goal to become the first and the largest Industrial Real Estate Investment Trust (REIT) in the PSE.
CentralHub is a portfolio of industrial warehouse complexes suited for use as a warehouse, commissary, cold storage facility, and logistics distribution center.
Meanwhile, the Jollibee Group has started rolling out its #JabforJoy! Vaccination Program, which provides its employees with free COVID-19 vaccines, at Xavier School in San Juan City.
This is the first batch of vaccinees under its employee inoculation program that covers teams from Jollibee, Chowking, Mang Inasal, Greenwich, Burger King, Red Ribbon, Panda Express, PHO24, commissaries, distribution centers, support functions, and the Jollibee Group Foundation.
In line with government guidelines, the Jollibee Group has prioritized employees belonging to A2 and A3 categories, as well as its economic frontliners such as store crew and commissary team members who belong to the A4 priority group in regions that have been identified as the focus areas of the national vaccination program.
“We have always prioritized the safety and well-being of our employees. We believe that getting vaccinated is a very big step towards a better, safer new normal for our employees and our customers,” said Tan Caktiong.
Aside from its employees, the company also extended the vaccine sourcing to its franchisees and partner employers, as well as to employees’ dependents and household members.
“In providing free vaccination to all our employees, the Jollibee Group fully supports and is one with the country’s efforts to address the pandemic. The Philippines’ increasing rate of vaccination would enable the country to safely reopen the economy even further, preserve jobs and help the Philippines towards a very strong economic recovery in the months to come and through 2022,” added Tan Caktiong.
The Jollibee Group partnered with Unilab, one of the country’s leading pharmaceutical companies, through its subsidiary Reliance United Health Services to help operationalize its vaccination program.
Through Reliance United’s MedPass App, vaccinees accomplished the required forms ahead of time and only needed to show a QR code on the day of their inoculation, making their vaccination journey convenient, fast, and efficient.
Close to 90 percent of employees are expected to be inoculated through the Jollibee Group’s #JabforJoy! vaccination program and through local government units (LGUs).