RLC boosts REIT portfolio with 31.7-B mall infusion

Robinsons Land Corporation, the property development arm of the Gokongwei Group, is infusing nine more malls worth P30.67 billion into its real estate investment trust, RL Commercial REIT Inc., as part of plans to

- By JAMES A. LOYOLA

In a disclosure to the Philippine Stock Exchange, RCR said its Board of Directors has approved a property-for-share swap transaction with its sponsor, RLC, for the infusion of nine mall assets in exchange for 3.83 billion RCR common shares.

Of the nine malls, 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.