RL Commercial REIT Inc. (RCR), the real estate investment trust (REIT) unit of Robinsons Land Corp. (RLC) said it has obtained the approval of the Philippine Stock Exchange for its 26.64 billion initial public offering (IPO).
RCR aims to issue to the public an initial 3.34 billion shares and another 305.1 million shares covering the greenshoe option at an offer price of up to P7.31 per share. The offered shares will cover 36.67 percent of RCR.
RCR eyes to have the IPO between August 25 and September 3 with listing eyed on September 14 – earlier than the initial plan of August 31 to September 8 offer and September 20 listing.
The company tapped BPI Capital Corp., and UBS AG, Singapore Branch as joint global coordinators, lead managers, and joint bookrunners for the offer.
RL Commercial REIT’s portfolio includes 14 commercial real estate assets with an aggregate gross leasable area (GLA) of 425,315 square meters (sq.m.) Its commercial spaces are primarily leased for office purposes, which may be transformed into retail spaces as required.
Robinsons Land as the REIT sponsor has extended land leases of as long as 99 years to RCR, the company said. “As having the longest land lease tenure among Philippine REITs to date, this provides long term sustainability and predictability to RCR,” it said.
