The competition watchdog said the property-for-share swap qualifies as an internal restructuring because RCR and Robinsons Land share the same ultimate parent, meaning control of the assets will remain unchanged after the transaction.
The clearance follows the Securities and Exchange Commission’s approval of the properties’ valuation, bringing the REIT a step closer to closing its fifth asset infusion from its sponsor.
Portfolio expansion
Under the transaction, Robinsons Land will inject Robinsons Dumaguete, Robinsons Tagaytay, Robinsons Iligan, Robinsons Galleria South, Robinsons La Union and Robinsons Naga into RCR in exchange for 1.29 billion new shares valued at P10.62 billion.
The new assets are expected to further expand RCR’s mall portfolio while providing Robinsons Land another avenue to recycle capital through its listed REIT.
Once the shares are issued, RCR’s outstanding shares will rise to 20.84 billion, with its public float remaining at 41.45 percent, above the minimum requirement for listed real estate investment trusts.
—Edited by Miguel R. Camus
