RL Commercial REIT Inc. (RCR), the real estate investment trust of Robinsons Land, debuted at the Philippine Stock Exchange (PSE) on Tuesday in a strong note.
Shares of RCR opened at P6.55 apiece, 1.55 percent higher than its initial public offering (IPO) price of P6.45 per share. It closed at P6.46 per share, which is still higher than its IPO price by 0.16 percent.
According to Luis Limlingan, Head of Sales at the Regina Capital Development Corporation, the reception of the listing has been warm due to “attractive dividend yield and prospects for the company.”
Reputation as fiat
During the company’s listing ceremony, RCR chairman Frederick Go said the company’s “reputation and track record over the years” resulted in the investing public’s confidence in its IPO.
Go also said Robinson Land is prepared to infuse one to two assets per year into the REIT, with concrete plans to inject 40,000 to 100,000 square meters of gross leasable area within the next 18 months.
RCR, with a market capitalization of P64.2 billion, is the country’s largest publicly-listed REIT. It has a portfolio valuation of P73.9 billion and an asset size of 425,315 square meters of gross leasable area.