Robinsons Land Corp. (RLC) is raising P1.868 billion from selling shares in its real estate investment trust firm RL Commercial REIT, Inc. (RCR), the company said in a stock exchange filing Friday.
RLC, the property arm of the Gokongwei Group, said its board authorized the sale of 318.9 million shares in RCR at P5.86 apiece, excluding taxes and fees.
The price represents a 5.5-percent discount to the stock’s closing of P6.20 on Thursday. The sale is supported by institutional investors.
RLC said it would offer the shares in the Philippines under exemptions from registration requirements of the Securities Regulation Code. The shares will not be registered with the Securities and Exchange Commission.
RLC said it would submit a reinvestment plan detailing how it would use the funds.
BPI Capital Corp. acted as the sole place agent and bookrunner for the transaction. Picazo Buyco Tan Fider & Santos served as transaction counsel.
RLC said in June it would inject 11 shopping malls and two office assets worth P33.91 billion in RCR via a property-for-share swap deal. In exchange, RLC will subscribe to 4.987 billion primary common shares of RCR at P6.80 apiece.
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.
The asset infusion will expand RCR’s gross leasable area to 827,808 square meters.
