P7.75-B REIT share sale seen to give RLC flexibility for capex, asset growth

GOKONGWEI-LED developer Robinsons Land Corp. (RLC) raised P7.75 billion from an overnight block sale of one billion shares in its real estate investment trust (REIT) unit RL Commercial REIT, Inc, (RCR), which, according to analysts, will provide capital for long-term expansion and could enable RLC to inject additional assets into the REIT.

- By Beatriz Marie D. Cruz Reporter

“The P7.75 billion raised from the overnight block placement in RCR gives RLC more room to drive growth, reduce debt, and fuel long-term expansions,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message.

“It also opens up market opportunities in residential, commercial, and mixed-use developments, as consumer behavior shifts and new trends emerge,” he added.

RLC told the stock exchange on Tuesday that the shares were sold at P7.75 each, at the top end of the marketed range, and that the offering was oversubscribed by 3.7 times.