Property developer Robinsons Land Corp. (RLC) said on Tuesday it will raise P7.75 billion from the sale of 1 billion common shares in its real estate investment trust unit, RL Commercial REIT Inc. (RCR).
The shares will be sold at P7.75 each in a block sale to institutional investors, both local and international, the company said in a disclosure to the stock exchange.
The offer price represents a 5.14-percent discount to the stock’s closing price of P8.17 on Monday.
RLC’s board of directors approved the planned sale.
It said the transaction was “anchored by high-quality long-only institutional local and international investors.”
The placement shares, which will not be registered with the Philippine Securities and Exchange Commission (SEC), will be offered under exemptions from registration requirements.
Settlement of the transaction is scheduled for Sept. 25, 2025.
RLC said it would submit a required reinvestment plan detailing the use of proceeds from the sale.
In April, RLC also sold 1.043 billion shares in RCR, which raised P6.2 billion in proceeds.
RCR in August acquired P30.67 billion worth of assets from RLC through a property-for-share swap.
Under the deal, RLC swapped nine malls with a gross leasable area (GLA) of about 324,000 square meters in exchange for about 3.83 billion RCR shares.
With the infusion, RCR’s portfolio size increased to 1.151 million square meters from about 827,807 square meters. The deal also increased RCR’s existing portfolio to 38 commercial real estate assets, consisting of 21 mall assets and 17 office assets.
As part of its long-term growth plan, RCR previously said it is poised to expand its portfolio by acquiring more office buildings and malls from RLC.
RLC still has more than 1.3 million square meters of mall GLA, over 250,000 square meters of office GLA, nearly 300,000 square meters of logistics GLA and 4,000 hotel keys that could be infused into RCR in the future.
