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Manila Bulletin devider Business devider The Stock Market devider RLC sells 16% of RCR for P8.49 B

RLC sells 16% of RCR for P8.49 B

Published Apr 5, 2024 07:20 am

Robinsons Land Corporation (RLC), the property development arm of the Gokongwei Group, has reduced its stake in RL Commercial REIT Inc. (RCR) to 50.05 percent after selling a 16 percent interest for P8.49 billion.

The firm disclosed to the Philippine Stock Exchange (PSE) that it has completed the overnight block placement of 1.73 billion shares in RCR on April 5, 2024 at a transaction price of P4.92 per share.

This is at a discount to the P5.19 per share closing price of RCR shares for that day. RCR’s share price closed lower at P5.02 apiece.

“The oversubscribed book is a testament to the strength of RLC’s brand. We are thankful to the institutional investors for their continued trust and confidence in RLC’s reputation,” said RLC Chairman, President and CEO Lance Y. Gokongwei.

He added that “being the majority shareholder of RCR, RLC shall continuously fuel the growth of RCR by infusing yield-accretive and high-quality assets that will complement the existing predominantly-office asset portfolio of RCR in order to maximize both RLC and RCR’s shareholder value. We envision RCR to be the bellwether REIT in the Philippine real estate landscape.”

RLC said that “with this placement, the public float of RCR increased to 49.95 percent. This placement enables RCR to acquire accretive assets from RLC’s diverse pipeline of investment properties.”

It added that “subject to prevailing market conditions and after obtaining the necessary approvals, RLC intends to infuse approximately P25 billion worth of assets and increase the total gross leasable area of RCR by approximately 60 percent this year."

RLC engaged BPI Capital Corporation as the Sole Placement Agent and Bookrunner for this transaction.

Aside from its offices, RLC intends to infuse other asset classes which includes, its malls, hotels and warehouses into RCR that meet RCR’s investment criteria.

RLC’s current investment portfolio includes 1.6 million square meters of leasable mall spaces, 270 thousand square meters of remaining leasable office spaces, 26 hotels with a total of 4,243 room keys, and 227 thousand square meters of leasable logistics facilities.

With the potential infusion of various asset classes in several key cities across the country, this maximizes RCR’s revenue streams to ensure its continuous growth.

RLC continues to demonstrate its commitment in growing RCR by evaluating its existing portfolio for Distribution Per Share (DPS)-accretive assets that will maximize capital recycling efforts in support of its various local real estate projects.

The firm intends to invest the net proceeds on various projects under construction and land acquisition in compliance with the reinvesting policies of the Real Estate Investment Trust (REIT) Act of 2009 and its Implementing Rules and Regulations.

RCR’s current portfolio consists of 16 premium assets in 10 major cities, totaling 480 thousand square meters of gross leasable space.

Related Tags

RL Commercial REIT Lance Gokongwei Robinsons Land Corporation
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