The oversubscribed share sale involved an P8.5 billion issuance to institutional investors, equivalent to 1.73 billion shares at P4.92 each. This was a 5.2 percent discount from its closing price the previous day.
The move raises RCR’s public float to nearly 50 percent, giving Robinsons Land room to inject more assets into the REIT subsidiary via share for asset swaps.
The share placement was arranged by BPI Capital Corp. as the sole placement agent and bookrunner.
RCR’s assets are heavily focused on the office segment, which has experienced a slowdown amid the shift to work-from-home and hybrid work in the postpandemic period.
This was also underscored by Robinsons Land chair and CEO Lance Gokongwei in the statement.
“Being the majority shareholder of RCR, RLC shall continuously fuel the growth of RCR by infusing yield-accretive and high-quality assets that will complement the existing predominantly-office asset portfolio of RCR in order to maximize both RLC and RCR’s shareholder value,” he said. “We envision RCR to be the bellwether REIT in the Philippine real estate landscape.”
Aside from offices, Robinsons Land will infuse malls, hotels and warehouses into RCR, the statement showed.
Robinsons Land is one the largest developers in the Philippines with an investment portfolio includes 1.6 million square meters of leasable mall spaces, 270,000 square meters of remaining leasable office spaces, 26 hotels with a total of 4,243 room keys, and 227,000 square meters of leasable logistics facilities.
RCR’s current portfolio consists of 16 assets in 10 major cities, totalling 480 thousand square meters of gross leasable space.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
