Robinsons Land Corp., the property development arm of the Gokongwei Group. cashing in—methodically and at scale.
The board of the listed property developer has authorized the sale of 945.95 million common shares in RL Commercial REIT Inc. (RCR) through a secondary block placement priced at P7.40 per share, raising P7.0 billion before fees and taxes that will be reinvested in the real estate investment trust. The transaction, anchored by high-quality institutional investors both locally and overseas, signals sustained appetite for Philippine REIT paper despite volatile regional markets.
The placement underscores Robinson Land’s balancing act of monetizing mature assets while keeping strategic exposure to its listed REIT. At nearly a billion shares, the sale ranks among the larger secondary REIT placements in the local market, executed with pricing discipline rather than distress.
Structurally, the deal was engineered for speed and certainty. The placement shares will be offered in the Philippines through transactions exempt from registration under the Securities Regulation Code, specifically Section 10.1(l), as implemented by Rule 10.1.3 and updated by SEC Memorandum Circulars Nos. 6 (2021) and 5 (2026). Offshore, the shares were placed outside the United States under Regulation S of the U.S. Securities Act of 1933, keeping the transaction clean of U.S. registration requirements.
The shares will not be registered with the Philippine Securities and Exchange Commission, and any resale in the Philippines will remain subject to SRC registration rules unless another exemption applies—a standard but critical guardrail in block transactions of this size.
Settlement is scheduled for January 29, 2026, under a Secondary Block Trade Agreement. RLC said it will submit the required Reinvestment Plan detailing how the proceeds will be deployed.
Robinsons Land is recycling capital, not retreating. By tapping institutional demand and maintaining regulatory efficiency, the group has added fresh firepower—without blinking—while the market was watching.
