Robinsons Land Corp. (RLC) has raised P6.2 billion from promoting shares in its actual property funding belief (REIT) amid plans to tackle extra tasks.
In a inventory alternate submitting on Friday, the Gokongwei-led firm mentioned its board of administrators had authorized the block sale of 1.04 billion of its widespread shares in RL Industrial REIT Inc. (RCR) for P5.95 every.
It is a 5.71-percent low cost from RCR’s closing worth of P6.31 per share on Thursday.
The deal elevated RCR’s public possession degree from 35.93 % to 42.57 %, or above the 33.33-percent minimal for listed REITs.
“The transaction was anchored by high-quality, long-only institutional buyers,” RLC mentioned in its disclosure, including that proceeds from the block sale could be settled on April 8.
A block sale is often carried out exterior market hours to keep away from disrupting the corporate’s share worth. That is likewise meant to assist increase capital shortly.
RLC earlier mentioned it could spend round P22 billion this 12 months to assist the growth of its funding properties.
The quantity would likewise go to the corporate’s capital expenditures for subdivision land, condominiums, residential models and different actual property properties on the market.
Property-for-share deal
Final 12 months, RLC injected P33.9 billion price of property into RCR by way of a property-for-share deal involving 11 malls—positioned in Novaliches, Cainta, Luisita, Cabanatuan, Lipa, Sta. Rosa, Imus, Los Baños, Palawan and Ormoc—and two workplace buildings.
The property span a complete of 347,329 sq. meters (sq m), increasing RCR’s gross leasable space to 827,808 sq m.
In flip, RLC subscribed to 4.99 billion of RCR’s major widespread shares at P6.80 every. The deal was meant to diversify RCR’s predominantly workplace asset portfolio.
RLC’s earnings in 2024 climbed by 10 % to P13.21 billion as a result of greater foot visitors in its malls, offsetting the weak residential market.
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Its prime line inched up by 2 % to P42.88 billion, buoyed by its funding portfolio of malls, workplaces, resorts and logistics. —Meg J. Adonis
