RLC sells P8.5-B shares in REIT unit

Robinsons Land Corp. (RLC), the diversified real estate firm of the Gokongwei family, has sold P8.49 billion worth of shares in RL Commercial REIT Inc. (RCR), increasing the listed REIT's public float to 49.95 percent.

- RICHMOND MERCURIO

RLC sold 1.73 billion RCR shares at P4.92 apiece in an overnight block placement, anchored by high-quality long-only institutional investors, RLC said.

"The oversubscribed book is a testament to the strength of RLC's brand. We are thankful to the institutional investors for their continued trust and confidence in RLC's reputation," RLC chairman, president and CEO Lance Gokongwei said.

RLC intends to invest the net proceeds on various projects under construction and land acquisition in compliance with the reinvesting policies of Real Estate Investment Trust (REIT) Act of 2009.