RLC secures ₱7.8B from REIT block

The Gokongwei Group’s property development arm, Robinsons Land Corp. (RLC), has raised P7.75 billion from the sale of one billion shares of RL Commercial REIT Inc. (RCR) to increase the real estate investment trust’s (REIT) public float.

- By JAMES A. LOYOLA

In a disclosure to the Philippine Stock Exchange (PSE), RLC said its board of directors has authorized the sale of the RCR shares at P7.75 per share, a five-percent discount from the P8.17 closing price on Monday, Sept. 22. RCR’s share price is adjusting and is now trading down 4.82 percent to P7.82 apiece as of this writing on Tuesday, Sept. 23.

“The transaction saw strong demand from high-quality institutional investors, with the offer oversubscribed by 3.7 times. This allowed the offer to be priced at the high end of the price range and a transaction upsize to one billion shares,” said RLC.

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