Gokongwei-led companies are moving closer to completing an asset swap that will see industry giant Robinsons Land Corp. inject P33.9 billion worth of malls and offices into RL Commercial REIT (RCR).
RCR shareholders approved the deal during a special meeting on Thursday, which involves the issuance of nearly 5 billion company shares to Robinsons Land at P6.80 apiece.
The official transfer will happen on July 16, 2024, while RCR will start recording earnings from the assets starting April 1, 2024, the company added.
Which assets are involved?
This transaction includes eleven malls totaling 278,526 square meters (sqm) of leasable space and two office assets totaling 68,803 sqm.
These are the Robinsons Novaliches, Robinsons Cainta, Robinsons Luisita, Robinsons Cabanatuan, Robinsons Lipa, Robinsons Sta. Rosa, Robinsons Imus, Robinsons Los Baños, Robinsons Palawan, Robinsons Ormoc, and Cybergate Davao. The two offices are Giga Tower in the Bridgetowne Destination Estate, Quezon City, and Cybergate Delta 2 in Davao City.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
