Robinsons Land gets P7.75B from REIT share sale

Robinsons Land Corp. (RLC), the development arm of the Gokongwei Group, is unlocking value from its real estate investment trust portfolio after securing P7.75 billion from the sale of 1 billion common shares in RL Commercial REIT, Inc. (RCR).

RLC said in a stock exchange report on Tuesday that shares were priced at P7.75 each and were taken up by institutional investors. 

“The transaction was anchored by high-quality long-only institutional local and international investors,” the company said.

The placement, which will be settled on Thursday, 25 September, was carried out under exemptions from registration under the Philippine Securities Regulation Code, with offshore distribution done in reliance on Regulation S under the U.S. Securities Act of 1933.

RLC stressed that the shares are not registered with the Philippine SEC, and any resale in the Philippines would require registration unless an exemption applies. 

The company added it will submit a Reinvestment Plan to detail how it intends to deploy the proceeds from the sale.