Robinsons REIT absorbs P30.67 B mall assets

Gokongwei-led Robinsons Land Corp. (RLC) is poised to infuse P30.67 billion worth of mall assets to its real estate investment trust unit RL Commercial REIT Inc. (RCR) via a property-for-share swap.

- By Richmond Mercurio

Under the property-for-share swap transaction, RLC will subscribe to 3.83 billion primary common shares of RCR at a price of P8 apiece, as supported by a Securities and Exchange Commission- or Philippine Stock Exchange-accredited appraiser and a third-party fairness opinion.

A total of nine RLC malls totaling 324,107.75 square meters of gross leasable space, meanwhile, will be infused into RCR.

The malls include Robinsons Dasmariñas, Robinsons Starmills, Robinsons General Trias, Robinsons Cybergate Cebu, Robinsons Tacloban, Robinsons Malolos, Robinsons Santiago, Robinsons Magnolia and Robinsons Tuguegarao.