A planned asset infusion into RL Commercial REIT Inc. (RCR) is expected to make the firm — a unit of Robinsons Land Corp. (RLC) — the largest real estate investment trust (REIT) listed on the Philippine Stock Exchange, stock brokerage Unicapital Securities Corp. said on Tuesday.
In a study, Unicapital Securities’ Head of Research, Wendy Estacio-Cruz, said the asset infusion will bring RCR’s deposited property value–which refers to the REIT’s total asset value–to P142.6 billion.
RCR’s current asset value amounts to P111.93 billion, which is expected to increase by 27 percent after the infusion.
Earlier, parent company Robinsons Land announced nine malls would be added to the portfolio of RL Commercial REIT in exchange for 3.83 billion primary common shares, valued at P30.67 billion, or P8 per share.
The nine malls have a combined gross leasable space of 324,107.75 square meters (sqm).
The assets covered by the transaction are Robinsons Dasmariñas, Robinsons Starmills, Robinsons General Trias, Robinsons Cybergate Cebu, Robinsons Tacloban, Robinsons Malolos, Robinsons Santiago, Robinsons Magnolia, and Robinsons Tuguegarao.
The infusion will expand RCR’s portfolio of 17 office buildings and 12 malls across 18 key locations, having a combined leasable space of 827,807 sqm.
Unicapital said the new shares issued to RLC will still keep RLC within the 33 percent ownership limit in RCR.
“Post-share swap transaction, RCR’s public float will stand at 34 percent,” Unicapital said.
“For our forecasts and fair value estimate, we assume that the new investment properties will be part of RCR’s financials on 1 January 2026,” Unicapital said.
Unicapital said the infusion will result in a 4 percent increase in dividend per share over its 2025-2034 estimates.
