initial public offerings

Robinsons Land unit files for P26.6-billion REIT IPO

Ralf Rivas
Robinsons Land unit files for P26.6-billion REIT IPO

OFFICE BUILDING. Robinsons Land's Exxa Tower in Quezon City.

Robinsons Land

RL Commercial REIT will offer up to 3.3 billion common shares at an offer price of up to P7.31 each, with an overallotment option of up to 305 million common shares

RL Commercial REIT, the real estate investment trust company of Robinsons Land, filed a registration statement with the Securities and Exchange Commission on Thursday, May 27, for its P26.6-billion initial public offering.

RL Commercial REIT will offer up to 3.3 billion common shares at an offer price of up to P7.31 each, with an overallotment option of up to 305 million common shares.

The offer shares will be listed and traded on the main board of the Philippine Stock Exchange (PSE) under the trading symbol RCR.

The offer period is aimed to be from August 31 to September 6. Listing on the PSE is targeted to be on September 15.

Net proceeds will be used by the sponsor, Robinsons Land, to fund its real estate projects in the Philippines in accordance with its reinvestment plan. 

RLC REIT’s initial portfolio is comprised of 14 Philippine Economic Zone Authority-accredited assets with over 400,000 square meters of gross leasable area diversified across Metro Manila and major commercial hubs outside Metro Manila.

These include the Exxa-Zeta Towers in Quezon City, Robinsons Summit Center in Makati City, Robinsons Cyberscape Alpha and Robinsons Cyberscape Beta in Pasig City, and Robinsons Cybergate Center 2 and 3 in Mandaluyong City.

The company engaged UBS AG, Singapore Branch as the lead international bookrunner for the offer, with CLSA Ltd and Merrill Lynch (Singapore) Pte Ltd also serving as international bookrunners.

BPI Capital Corporation was tapped as the lead local underwriter, with China Bank Capital Corporation, First Metro Investment Corporation, and PNB Capital and Investment Corporation as local underwriters.

Robinsons Land is the fourth company to file for an REIT offering, after the offerings of Ayala Land and DoubleDragon Properties, as well as Filinvest, which has a pending application. – Rappler.com

Ralf Rivas

A sociologist by heart, a journalist by profession. Ralf is Rappler's business reporter, covering macroeconomy, government finance, companies, and agriculture.