Robinsons Land gets P7.75-B from block sale to fuel RCR’s expansion push

The Gokongwei family-led Robinsons Land Corp. is raising P7.75 billion from a block sale of 1 billion shares in RL Commercial REIT (RCR) at P7.75 each, a 5 percent discount to its last close of P8.17.

This keeps RCR’s public float in check while making room for future asset injections, which are typically paid in shares.

“The transaction was anchored by high-quality long-only institutional local and international investors,” Robinsons Land said in a stock exchange disclosure.

This comes as the Gokongwei family-led developer moves closer to completing a P30.7 billion property-for-share swap with RCR. 

The deal involves the transfer of nine mall assets in exchange for 3.83 billion new RCR shares. 

The infusion, which lifted RLC’s stake in RCR from 57.23 percent to 65.62 percent, involved over 324,000 square meters of retail space including Robinsons Magnolia, Robinsons Dasmariñas, and Starmills Pampanga.

Robinsons Land shares were unchanged at P15.26 each while RCR shares slumped 4.53 percent to P7.80 each on Tuesday.  

—Edited by Miguel R. Camus