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Richmond Mercurio - The Philippine Star
April 5, 2025 | 12:00am
In a stock exchange filing, RLC said it has completed an overnight block placement of 1.04 billion common shares of RCR at P5.95 apiece.
Businessworld / File
MANILA, Philippines — Robinsons Land Corp. (RLC) has raised P6.2 billion from the sale of shares in its real estate investment trust unit, RL Commercial REIT Inc. (RCR).
In a stock exchange filing, RLC said it has completed an overnight block placement of 1.04 billion common shares of RCR at P5.95 apiece.
The shares were sold at a discount from RCR’s closing price of P6.31 on April 3.
RLC said the transaction was anchored by high-quality long-only institutional investors.
With the placement, RCR’s public float increased to 6.69 billion common shares or 42.57 percent of the total issued and outstanding common shares.
The proceeds from the block sale will be settled on April 8 under the placement agreement.
RLC said the required reinvestment plan detailing the use of proceeds obtained from the sale of the placement shares will be submitted accordingly.
BPI Capital Corp. served as the placement agent, bookrunner and underwriter for this transaction, while Picazo Buyco Tan Fider & Santos acted as transaction counsel.
RCR reported a 38-percent jump in its earnings last year, driven by property infusions and steady occupancy rates.
As of 2024, RCR’s gross leasable area (GLA) is 828,000 square meters, which includes 539,000 square meters of office spaces and 289,000 square meters of mall spaces.
It is present in 18 key cities and locations across the country, with 29 assets composed of 17 office assets and 12 mall assets.
RCR earlier said that RLC still has assets that may be infused into the company in the future.
These assets include more than a million square meters of malls GLA, more than 250,000 square meters of office GLA, more than 200,000 square meters of logistics GLA and around 4,000 hotel room keys.
