Robinsons Land infuses P10.6-B assets into RCR

Gokongwei-led RL Commercial REIT, Inc. (RCR) is set to expand its portfolio after its board approved a P10.62-billion property-for-share swap transaction with sponsor Robinsons Land Corp. (RLC), adding six mall assets to its growing portfolio.

In a disclosure on Tuesday, RCR said its board approved the transaction during a special meeting held last June 23.

“The transaction is comprised of six mall assets totaling 160,269 square meters of gross leasable area, namely, Robinsons Dumaguete, Robinsons Tagaytay, Robinsons Iligan, Robinsons Galleria South, Robinson La Union and Robinsons Naga,” the company said.

Under the agreement, RLC will subscribe to 1.29 billion new common shares of RCR at P8.25 apiece, equivalent to a total transaction value of P10.62 billion.

The valuation was supported by an appraiser accredited by both the Securities and Exchange Commission and the Philippine Stock Exchange, as well as a third-party fairness opinion, the company said.

The latest asset infusion marks RCR’s continued effort to diversify and expand its income-generating property portfolio.

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The inclusion of the six mall assets is expected to increase the REIT’s exposure to the retail segment and broaden its geographic footprint outside Metro Manila.

RCR said the property-for-share swap remains subject to the approval of relevant regulatory bodies, where applicable.