Robinsons Land Corporation Plans PHP 26.7 Billion Initial Public Offering of Its Own Real Estate Investment Trust Company
May 27, 2021 at 05:22 pm
Share
Robinsons Land Corporation (PSE:RLC) is now preparing for the stock market debut of its own real estate investment trust (REIT) company. Robinsons-backed RL Commercial REIT Inc. is seeking regulators' approval for its PHP 26.7 billion initial public offering, filing documents released by the Securities and Exchange Commission on May 27, 2021 showed. For the first time, RL Commercial will sell 3.3 billion common shares at a price of up to PHP 7.31 each.
The total amount to be raised includes an overallotment option of 305 million shares, which the company will use if there's great demand from investors for the offer. Trading of the new REIT firm's shares on the Philippine Stock Exchange is targeted to begin on September 15, 2021. Excluding other fees and expenses, net proceeds from the upcoming IPO is pegged at approximately PHP 25.94 billion, which will be used by Robinsons Land to fund its "reinvestment plans".
"Our company will not receive any proceeds from the offer," RL Commercial said.
RL Commercial REIT, Inc. is a Philippines-based real estate investment trust (REIT) company. The Companyâs primary purpose is to acquire by purchase, lease or otherwise, and to own, develop, sell, mortgage, lease, and hold for investment or otherwise, real estate of all kinds. It leases to a diversified tenant base and has a portfolio of approximately 16 commercial real estate assets across the Philippines with an aggregate gross leasable area (GLA) of 480,479 square kilometers. The Company's portfolio consists of commercial spaces primarily leased for office purposes, with minimal retail spaces on some of the properties to support the needs of office tenants. Its properties include Robinsons Equitable Tower, Robinsons Summit Center, Cyberscape Alpha, Cyberscape Beta, Tera Tower, Cyber Sigma, Exxa-Zeta Tower, Robinsons Cyberscape Gamma, Robinsons Cybergate Center 2, Robinsons Cybergate Center 3, Robinsons Cybergate Cebu, Galleria Cebu, Luisita BTS 1, and Cybergate Naga.
RL COMMERCIAL REIT, INC. 
