Gokongwei-led property giant Robinsons Land Corp. is preparing a mega P33.9 billion asset injection into real estate investment trust arm RL Commercial REIT Inc. (RCR) in exchange for 4.99 billion new RCR shares priced at P6.80 per share.
The deal, which requires the approval of regulators, values RCR at a 36 percent premium over its closing price the previous day.
This transaction includes eleven malls totaling 278,526 square meters 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.
