RL Commercial REIT Inc., the real estate investment trust of the Gokongwei Group’s Robinsons Land Corp., said Tuesday that it has reinvested P2.03 billion into more than two dozen real estate projects.
The reinvestment is nearly a quarter of the P8.49 billion raised from the sale of shares, leaving RL Commercial with P6.31 billion to further develop existing projects and initiate new ventures.
In April, RL Commercial increased its public float to 49.95 percent by selling 1.73 billion shares, aiming to finance various real estate projects. From April to June, the REIT directed funds towards residential, hotel, office, commercial, and industrial projects, as well as the redevelopment of existing properties across the Philippines.
The largest allocations from the P2.03 billion reinvestment were made to five key projects.
RL Commercial allocated P252.3 million in Le Point Residences, a residential development in Quezon City; P210.1 million into Iloilo Towers, an office tower project in Pavia, Iloilo; P191.1 million into RLX Calamba, an industrial facility in Calamba City, Laguna; P153.9 million was allocated to Jewel, an office development located in Mandaluyong City, and P152.3 million into The Sapphire Bloc, a four-tower project featuring a lifestyle retail podium in Ortigas Center, Pasig City.
