RLC raises P7.75 B from block sale of RCR shares

Robinsons Land Corp. (RLC) has raised P7.75 billion from the sale of RL Commercial REIT Inc. (RCR) shares through an overnight block placement.

- By RICHMOND MERCURIO

RLC said it sold a total of one billion common shares of RCR at P7.75 apiece.

The offer was oversubscribed by 3.7 times, with the transaction seeing strong demand from institutional investors.

RLC said the robust demand allowed the offer to be priced at the high-end of the price range and a transaction upsize to one billion shares.

“The final allocations were anchored by local institutional investors, with fresh foreign investors likewise participating in the offer,” the company said.