The Gokongwei Group is the latest company to set its eyes on real estate investment trust (REITs) to raise capital amid the coronavirus pandemic.
Robinsons Land, through RL Commercial REIT (RCR), aims to raise up to P26.7 billion by initial public offering.
Upon its target listing, RCR is poised to be the largest REIT in terms of portfolio valuation and asset size, as well as the most geographically diversified office REIT in the Philippines.
RCR recently got the green light from the Philippine Stock Exchange to offer up to 3.34 billion common shares at a maximum offer price of P7.31 per share, with an overallotment option of up to 305 million common shares. At maximum offer price, RCR will have the largest market capitalization.
The company’s initial portfolio consists of 14 commercial real estate assets located across Metro Manila such as in Makati, Bonifacio Global City and Ortigas, Quezon City and Mandaluyong; as well as in the key cities of Naga, Tarlac, Cebu, and Davao.
Rappler’s Ralf Rivas talks to RCR president and chief executive officer Jericho Go and Kerwin Tan, company treasurer, about how they’re preparing to go public amid uncertain times. – Rappler.com