THE real estate investment trust (REIT) sponsored by Robinsons Land Corp. (RLC) has received the go signal from the Philippine Stock Exchange (PSE) for its initial public offering (IPO).
RLC said on Wednesday that RL Commercial REIT, Inc. (RCR) will be offering to the public up to 3.34 billion common shares for P7.31 each at most, with an over-allotment option of around 305 million common shares. The IPO targets to raise as much as P26.7 billion.
RCR aims to conduct its offer period from Aug. 25 to Sept. 3. Its PSE listing is tentatively scheduled for Sept. 14. Its shares will be listed under the ticker symbol “RCR.”
The company has 14 commercial real estate assets in its initial portfolio, with a total gross leasable area (GLA) spanning 425,315 square meters (sq.m.).
RCR said it is the “most geographically diverse Philippine REIT,” with the properties in its portfolio located in central business districts of Metro Manila’s Makati, Bonifacio Global City and Ortigas, Quezon City, and Mandaluyong as well as in key cities of Naga, Tarlac, Cebu, and Davao.
“The office tenants of RCR properties are primarily engaged in essential services like information technology and business process management (IT-BPM),” the company said, adding that the business process outsourcing (BPO) forms core of its tenant base.
The company said it may add RLC’s Cyberscape Gamma in Ortigas and/or Robinsons Cybergate Center 1 in Mandaluyong, which are subject of the recent memorandum of understanding inked by RCR and RLC.
“Overall, RLC’s potential pipeline for infusions of RCR amounts to a total GLA of approximately 422,000 sq.m. over time,” RCR said.
On Wednesday, shares of Robinsons Land declined by 0.12% or two centavos at the stock market to close at P16 each. — Keren Concepcion G. Valmonte
