Robinsons Land Corporation (RLC) Completes Successful Block Placement of RL Commercial REIT, Inc. (RCR) Shares

Robinsons Land Corporation (RLC) has completed an overnight block placement for its shares in RL Commercial REIT, Inc. (RCR). On April 5, 2024, RLC sold 1,725,995,000 RCR shares at a price of P4.92 each. This placement improved RCR's public float to 49.95%. ​

This placement allows RCR to acquire accretive assets from RLC's wide portfolio of investment properties. Subject to market conditions and clearances, RLC expects to infuse over P25 billion in assets this year, increasing RCR's total gross leasable space by approximately 60%. RLC appointed BPI Capital Corporation as the Sole Placement Agent and Bookrunner for this transaction.​

Aside from its offices, RLC plans to fill RCR with other asset types such as malls, hotels, and warehouses that match the company's investment standards. RLC's present investment portfolio consists of 1.6 million square meters of leasable mall space, 270 thousand square meters of residual leasable office space, 26 hotels totaling 4,243 room keys, and 227 thousand square meters of leasable logistical facilities. The potential infusion of multiple asset classes in numerous significant locations around the country maximizes RCR's revenue streams, ensuring its long-term growth.

“The oversubscribed book is a testament to the strength of RLC’s brand. We are thankful to the institutional investors for their continued trust and confidence in RLC’s reputation. 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. We envision RCR to be the bellwether REIT in the Philippine real estate landscape,” said Mr. Lance Y. Gokongwei, Chairman, President and CEO of RLC.

​RLC is continuing to demonstrate its commitment to increasing RCR by assessing its existing portfolio of Distribution Per Share (DPS)-accretive assets that will maximize capital recycling activities in support of its different local real estate projects. RLC intends to invest the net proceeds in various projects under construction and land acquisition in accordance with the reinvesting policies of Republic Act No. 9856, also known as the "Real Estate Investment Trust (REIT) Act of 2009," and its Implementing Rules and Regulations, specifically Rule 4, Section 5.1(e) thereof.
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RCR's current portfolio includes 16 premium assets in 10 major cities, comprising 480 thousand square meters of gross leasable area. Since its debut, RCR has regularly increased dividends per share, quarter after quarter. In 2023, RCR reported total sales of P5.52 billion (excluding changes in Fair Market Value of Investment Properties) and paid dividends of P0.3914 per share.