RLC raises P8.5B from reit stake

Business.(Business File photo)

ROBINSONS Land Corp. (RLC) has completed the overnight block placement of its shares in RL Commercial REIT Inc. (RCR).

On April 5, 2024, RLC sold a total of 1,725,995,000 RCR shares at a transaction price of P4.92 per share. With this placement, the public float of RCR increased to 49.95 percent.

This placement enables RCR to acquire accretive assets from RLC’s diverse pipeline of investment properties.

Subject to prevailing market conditions and after obtaining the necessary approvals, 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.

Aside from its offices, RLC intends to infuse other asset classes which include, its malls, hotels and warehouses into RCR that meet RCR’s investment criteria.

RLC’s current investment portfolio includes 1.6 million square meters of leasable mall spaces, 270,000 square meters of remaining leasable office spaces, 26 hotels with a total of 4,243 room keys and 227,000 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. RCR’s current portfolio consists of 16 premium assets in 10 major cities, totaling 480,000 square meters of gross leasable space. / PR


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