₱6.2B shares of RLC’s REIT sold for float

Robinsons Land Corp. (RLC) is gearing up for another infusion of assets into RL Commercial REIT Inc. (RCR) by selling P6.21 billion worth of the real estate investment trust’s shares to boost its public float.

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In a disclosure to the Philippine Stock Exchange, RLC said it has completed the overnight block placement of its shares in RCR on April 3, 2025, selling a total of 1.02 billion common shares at P5.95 per share.

With this placement, the public float of RCR increased to 6.69 billion common shares, or 42.57 percent of the total issued and outstanding common shares.

The increase in public float will allow RLC to acquire more RCR shares and infuse assets into the REIT via an asset-for-property swap without reducing the public float below the 33.33percent minimum required by law.

The placement shares were offered and sold in the Philippines, and the proceeds from the block sale shall be settled on April 8, 2025, under the placement agreement.