Robinsons Land Corp. (RLC), the property development arm of the Gokongwei Group, is set to raise about P7 billion from the sale of shares in its listed real estate investment trust, RL Commercial REIT, Inc. (RCR), as it monetizes part of its stake to fund plans.

In a disclosure on Tuesday, the company said RLC’s board authorized the sale of 945 million common shares of RCR at P7.40 per share, or P7 billion, exclusive of fees and taxes. 

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

The placement shares will be sold through exempt transactions under Philippine securities rules and offered overseas under Regulation S of the U.S. Securities Act. 

The proceeds from the block sale “shall be settled on 29 January under the Secondary Block Trade Agreement,” according to the disclosure.

RCR will be added to the Philippine Stock Exchange’s 30-stock benchmark on 2 February, replacing Alliance Global Group after the bourse’s regular index rebalancing.