Robinsons Land Corp. (RLC) announced that its board of directors has approved the sale of one billion common shares in RL Commercial REIT, Inc. (RCR) through a secondary block trade transaction valued at P7.75 billion.
The shares, equivalent to around 5 percent of RCR, were priced at P7.75 apiece and were sold to high-quality, long-only institutional investors both locally and internationally. The transaction was structured to attract strategic capital and strengthen RCR’s investor base.
The successful placement reinforces RLC’s ongoing capital recycling strategy and highlights sustained investor interest in high-quality real estate investment trusts in the Philippines.
Settlement of the proceeds is scheduled for September 25, under the terms of the Secondary Block Trade Agreement. In compliance with regulatory requirements, RLC committed to submit a Reinvestment Plan outlining how it intends to utilize the proceeds from the share sale.
The Placement Shares will be offered in the Philippines under an exemption from registration, and will be sold outside the United States in accordance with Regulation S under the U.S. Securities Act of 1933, as amended.
The shares will not be registered with the Philippine Securities and Exchange Commission. Any future resale or offer of the Placement Shares in the Philippines must either comply with registration requirements or qualify for exemption under the Securities Regulation Code.
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