RL Commercial REIT Inc., the real estate investment trust company owned by Robinsons Land Corp., kicked off its P23.5-billion maiden share offering.
RCR chairman Frederick Go said in a press briefing the initial public offering was very well received the investors as office leasing sector remained resilient despite the pandemic.
“We are now in the final stage of IPO and it has been very well received by the investors,” Go said.
“The BPO industry is the bedrock of our business and the BPO industry is an essential service industry and they continue to operate even during these difficult times,” Go said.
RCR is selling up of 3.34 billion secondary shares with an over-allotment option for another 305.1 million common shares at P6.45 apiece. Offer period is from Aug. 25 to Sept. 3, 2021.
RCR president Jericho Go said the company is the largest in terms of market capitalization and portfolio valuation and the biggest in asset size. It also has the widest geographical coverage and longest land lease tenure.