Robinsons vows more REIT assets, earns P8.5B

Robinsons Land Corp. completed a block placement of its shares in RL Commercial REIT Inc. (RCR), earning the company approximately P8.5 billion.

The company said that on 5 April 2024, it sold a total of 1.726 billion RCR shares at P4.92 each.

With the placement, the public float of RCR increased to 49.95 percent which allowed the REIT unit and enabled RCR to acquire assets from RLC’s diverse pipeline of investment properties.

REITs pool capital investors who earn dividends from real estate assets without the need to individually buy, manage, or finance any properties.

P25-B assets eyed

RLC intends to infuse approximately P25 billion worth of assets and increase the total gross leasable area of RCR by approximately 60 percent this year.

RLC engaged BPI Capital Corp. as the sole placement agent and bookrunner for the transaction.

Aside from its offices, RLC plans to infuse other assets which include its malls, hotels and warehouses into RCR that meet its investment criteria.

RLC’s current investment portfolio includes 1.6 million square meters of leasable mall spaces, 270 thousand square meters of remaining leasable office spaces, 26 hotels with a total of 4,243 room keys, and 227 thousand square meters of leasable logistics facilities.

With the potential infusion of various asset classes in several key cities across the country, this maximizes RCR’s revenue streams to ensure its continuous growth.