Property developer Robinsons Land Corp. (RLC) will inject 11 shopping malls and two office assets worth P33.91 billion into its real estate investment trust firm RL Commercial REIT Inc. (RCR) via a property-for-share swap deal.
“The transaction shall be subject to the approval of pertinent regulatory bodies and will be presented for approval in a special shareholders meeting,” RCR said in a disclosure to the stock exchange Thursday.
Under the deal, RLC will infuse 11 commercial centers with 278,526 square meters (sqm) of leasable space and two office buildings with 68,803 sq. m. into RCR.
RLC will subscribe to 4.987 billion primary common shares of RCR at a price of P6.80 per share.
These malls include 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.
The two office assets are Giga Tower in the Bridgetowne Destination Estate, Quezon City and Cybergate Delta 2 in Davao City.
