The Gokongwei Group’s property development arm, Robinsons Land Corp. (RLC), has raised ₱7.75 billion from the sale of one billion shares of RL Commercial REIT Inc. (RCR) to increase the real estate investment trust’s (REIT) public float.

In a disclosure to the Philippine Stock Exchange (PSE), RLC said its board of directors has authorized the sale of the RCR shares at ₱7.75 per share, a five-percent discount from the ₱8.17 closing price on Monday, Sept. 22. RCR’s share price is adjusting and is now trading down 4.82 percent to ₱7.82 apiece as of this writing on Tuesday, Sept. 23.

"The transaction saw strong demand from high-quality institutional investors, with the offer oversubscribed by 3.7 times. This allowed the offer to be priced at the high end of the price range and a transaction upsize to 1.0 billion shares," said RLC.

It added thatm :The final allocations were anchored by local institutional investors, with fresh foreign investors likewise participating in the offer."

With this placement, the public float of RCR increased to 7.69 million common shares or 39.34 percent of the total issued and outstanding common shares.

The placement shares were offered and sold in the Philippines under transactions exempt from registration under the Securities Regulation Code (SRC).

These were also offered and sold outside the United States (US) in reliance on Regulation S under the US Securities Act of 1933, as amended.

The placement shares will not be registered with the Securities and Exchange Commission (SEC) under the SRC, but any future offer or sale of the placement shares by buyers in the Philippines is subject to the registration requirements under the SRC.

RLC said the proceeds from the block sale shall be settled on Sept. 25, 2025, under the secondary block trade agreement. RLC will submit the required reinvestment plan, detailing the use of proceeds obtained from the sale of the placement shares accordingly.

The SEC recently approved the infusion by RLC of nine more malls worth ₱30.67 billion into RCR as part of plans to triple the REIT’s size to ₱300 billion in three years.

The infusion of the assets was done through a property-for-share swap transaction in exchange for 3.83 billion RCR common shares, priced at ₱8 each.

Of the nine malls to be infused, seven are in Luzon while two are in the Visayas. These are Robinsons Dasmariñas and General Trias in Cavite, Starmills in Pampanga, Malolos in Bulacan, Santiago in Isabela, Magnolia in Quezon City, as well as Robinsons Tacloban and Cybergate Cebu.

The properties have a total gross leasable area (GLA) of 324,107.75 square meters (sqm) and have high occupancy rates, which are consistent with the set investment criteria of RCR. The properties also include a diversified tenant base, which will contribute to their stable occupancy rates.

With this infusion, the portfolio size of RCR will increase from approximately 827,807 sqm to approximately 1,151,915 sqm, or a growth of 39.15 percent.

The infusion will increase the existing portfolio of RCR to 38 commercial real estate assets, consisting of 21 mall assets and 17 office assets.