THE Securities and Exchange Commission (SEC) released on Thursday the preliminary prospectus filed by a subsidiary of Robinsons Land Corp. for its P26.67-billion real estate investment trust (REIT) initial public offering (IPO), which is now subject to regulatory approval.
Robinsons Land is sponsoring the REIT listing of Robinsons Realty and Management Corp., which is also amending its name to RL Commercial REIT, Inc. (RLC REIT). The name change is pending approval from the SEC.
RLC REIT has filed a registration statement with the SEC for the public offering of 3,342,864,000 common shares priced at P7.31 apiece, with an overallotment option of 305,103,000 common shares.
Should the overallotment option be exercised, at least P26.67 billion will be raised through the offering.
“The selling shareholder will receive all of the proceeds from the sale of the offer shares,” RLC REIT said, referring to Robinsons Land.
Its REIT portfolio includes 14 commercial real estate assets spanning 425,315 square meters, with an aggregate appraised value of P73.34 billion as of September last year.
Included in the portfolio are commercial spaces leased for office purposes in key central business districts in Metro Manila, Naga, Cebu, and Davao.
The company is eyeing the REIT offer period to run from August 31 to September 6. It is, however, still subject to the approval of corporate regulators.
Shares of Robinsons Land at the exchange went up by 2.74% on Thursday to close at P16.50 apiece from P16.06. — Keren Concepcion G. Valmonte
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