Robinsons Land Corp. said Thursday its board approved the infusion of 11 shopping malls and two office buildings to its real estate investment trust, RL Commercial REIT Inc., that will nearly double the gross leasable area of listed RCR to 827,808 square meters.
Robinsons Land will get 4.99 million shares of RCR valued at P33.92 billion in return for the shopping malls with total GLA of 278,526 square meters and two office buildings with GLA of 68,803 square meters.
Assets to be infused by Robinsons Land to the listed REIT include Robinsons Novaliches, Robinsons Cainta, Robinsons Luisita, Robinsons Cabanatuan, Robinsons Lipa, Robinsons Sta. Rosa, Robinsons Imus, Robinsons Los Baños, Robinsons Palawan, Robinsons Ormoc, and Cybergate Davao—all shopping malls, and the Giga Tower in Quezon City and Cybergate Delta 2 in Davao City.
RCR expects these high-quality commercial properties to complement its existing portfolio of 16 premium properties to help maximize dividend yield accretion. Revenue accretion will retroact to April 1, 2024.
RCR president and chief executive officer Jericho P. Go expressed satisfaction with the plans, highlighting the diversification of RCR’s predominantly office asset portfolio with the inclusion of mall assets.
The property-for-share swap is subject to regulatory approval and will be presented for approval at a special stockholders’ meeting of RCR scheduled for July 15, with completion targeted within the year.
Following the infusion, RCR will maintain its position as the Philippine REIT with the widest geographical reach, boasting assets in eighteen key locations. The swap will also bolster RCR’s green-certified assets.
After the transaction, RCR’s investment portfolio will include approximately 1.4 million square meters of leasable mall spaces, approximately 253,000 square meters remaining leasable office spaces, 26 hotels with a total of 4,243 room keys, and 244,000 square meters of leasable logistics facilities.
