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Manila Bulletin devider Business devider Gokongwei's RL Commercial REIT P23.5 B IPO oversubsribed

Gokongwei's RL Commercial REIT P23.5 B IPO oversubsribed

Published Aug 25, 2021 03:46 pm

RL Commercial REIT, Inc. (RCR) has kicked off its P23.5 billion initial public offering which has generated strong institutional interest following its book-building process.

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In an interview, RCR Chairman and President of sponsor Robinsons Land Corporation Frederick D. Go said in a media briefing that the offering seems to be well-received by investors.

Market sources said the IPO is oversubscribed specially since allocations of trading participants are small and more orders are still coming in.

RCR has just received a Permit to Sell from the Securities and Exchange Commission (SEC) for its initial public offering consisting of 3.34 billion common shares, with an over-allotment option of up to 305 million shares, at P6.45 per share.

The total market capitalization of RCR will be P64.2 billion at its IPO price. The offer is slated to run from Aug. 25 to Sept. 3, 2021.

Among existing and disclosed upcoming Philippine REITs, RCR is the largest in terms of market capitalization and portfolio valuation and biggest in asset size. It also has the widest geographical coverage and longest land lease tenure.

The initial portfolio of RCR consists of 14 commercial real estate assets with a total gross leasable area (GLA) of 425,315 square meters and an independently appraised value of P73.9 billion as of June 30, 2021.

RCR buildings are located in major Central Business Districts across Metro Manila, such as Makati, BGC, Ortigas, Quezon City, and Mandaluyong. RCR also has presence in key cities and urban areas across the country, such as Metro Cebu, Metro Davao, Naga and Tarlac.

The company enjoys the full support of its Sponsor, Robinsons Land Corporation (RLC), who extended land leases to RCR for as long as 99 years.

RCR President Jericho Go said the firm also has a compelling growth story, thanks to its access to RLC’s high quality expansion pipeline.

A clear path to growth is seen through RLC and RCR’s Memorandum of Understanding (MOU) for the potential future acquisition of 40,000 sqm to 100,000 sqm of GLA within the next 18 months.

On top of this, RLC has existing office assets, business process outsourcing (BPO) spaces located within RLC’s various commercial centers, as well as projects that are in various stages of construction.

Overall, RLC’s potential pipeline for infusions to RCR amounts to a total GLA of approximately 422,000 sqm over time.

Any potential infusions are subject to the fund manager’s recommendations, market conditions, the requirements of RCR’s business, RCR’s board recommendations, and the approval of the relevant regulatory bodies.

In terms of dividends, RCR will comply with the REIT Law which mandates the annual distribution of at least 90 percent of its distributable net income to its shareholders, adjusted in accordance with generally accepted accounting standards.

At the IPO price of P6.45 per share, RCR’s implied 2022 dividend yield is 5.96 percent. 

BPI Capital Corporation and UBS AG Singapore Branch are the Joint Global Coordinators, Lead Managers, and Joint Bookrunners for the Offer. BPI Capital Corporation is the Lead Local Underwriter and UBS AG Singapore Branch is the Lead International Bookrunner for the Offer.

China Bank Capital Corporation, First Metro Investment Corporation, and PNB Capital and Investment Corporation were also tapped as local underwriters, while CLSA Limited and Merill Lynch (Singapore) Pte. Ltd, are the international bookrunners. SB Capital Investment Corporation is likewise a participating underwriter.

Related Tags

Jericho Go Robinsons Land Corporation Frederick Go RL Commercial REIT (RCR)
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