Robinsons Land Corp. (RLC) raised P6.2 billion after selling a portion of its stake in real estate investment trust company RL Commercial REIT Inc (RCR).
RLC sold 1.043 billion RCR shares via an overnight block placement, the company said in a disclosure to the stock exchange Friday.
The shares were priced at P5.95 apiece, a 5.7-percent discount to RCR’s closing price of P6.31 Thursday. The shares were sold to high-quality long-only institutional investors.
The placement increased RCR’s public float to 6.69 billion common shares, equivalent to 42.57 percent of the total issued and outstanding common shares of the company.
REIT firms are required to maintain a public float of at least 33 percent.
“The proceeds from the block sale shall be settled on April 8, 2025, under the placement agreement. RLC will submit the required Reinvestment Plan detailing the use of proceeds obtained from the sale of the placement shares accordingly,” RLC said.
BPI Capital Corp. acted as the placement agent, bookrunner and underwriter for this transaction while Picazo Buyco Tan Fider & Santos acted as transaction counsel.
RLC in October raised P1.87 billion also from sale of 318.9 million RCR shares at P5.86 apiece.
RCR has 828,000 square meters of leasable space in its portfolio including 539,000 sq.m. of office space and 289,000 sq. m. of mall spaces as of end 2024.
RLC still has more than 1 million sq. m. of gross leasable area, comprising of more than 250,000 sq. m. of office, 200,000 sq. m. of logistics and 4,000 hotel room keys that maybe injected into RCR in the future.
RLC injected 11 shopping malls and two office assets worth P33.91 billion via a property-for-share swap deal in 2024.
RLC then subscribed to 4.987 billion primary common shares of RCR at P6.80 per share.