Robinsons Land gets P33.9B in shares, injects 13 malls, offices to RCR via swap

SunStar Business
SunStar Business

THE Gokongwei Group’s RL Commercial Reit Inc. (RCR) is acquiring 13 malls and office assets from Robinsons Land Corp. (RLC) through a property-for-share swap.

This swap will increase RCR’s total gross leasable area by 347,329 square meters (sqm), bringing the total to 827,808 sqm from 480,479 sqm., RCR said in a disclosure to the Philippine Stock Exchange (PSE).

RLC will receive 4,987,641,178 primary common shares of RCR, a real estate investment trust, at a price of P6.80 per share, valued at P33.9 billion.

RCR president and chief executive officer Jericho P. Go, in a statement, said their fund manager, RL Fund Management Inc., had “identified the assets that will maximize the additional value delivered” to their shareholders.

“The planned asset infusion will diversify our predominantly office asset portfolio with the inclusion of mall assets. This is in line with RCR’s commitment to shareholders to continuously grow the company,” Go said.

The swap was approved by the two companies’ boards of directors on June 5, 2024, according to disclosures to the Philippine Stock Exchange.

RCR will receive 11 malls and two office buildings from RLC. These are Robinsons Novaliches, Robinsons Cainta, Robinsons Luisita, Robinsons Cabanatuan, Robinsons Lipa, Robinsons Sta. Rosa, Robinsons Imus, Robinsons Los Baños, Robinsons Palawan, Robinsons Ormoc and Cybergate Davao, as well as two office assets of leasable space --- Giga Tower in the Bridgetowne Destination Estate in Quezon City, and Cybergate Delta 2 in Davao City

The property-for-share swap is subject to PSE’s approval and will be presented for approval at the special stockholders’ meeting of RCR on July 15, 2024. / KAL


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