Robinsons Land Corporation (RLC), led by the Gokongwei group, will inject six of its shopping mall properties collectively valued at ₱10.62 billion into its real estate investment trust, RL Commercial REIT Inc. (RCR).
The boards of both RCR and its fund manager RL Fund Management Inc. have approved a property-for-share swap agreement. The six malls cover a total gross leasable area of 160,269 square meters. The assets include Robinsons Dumaguete, Robinsons Tagaytay, Robinsons Iligan, Robinsons Galleria South, Robinsons La Union, and Robinsons Naga.
Under the transaction, RLC will subscribe to 1.28 billion common shares of RCR at ₱8.25 per share. The valuation is backed by an independent appraiser accredited by the Securities and Exchange Commission and Philippine Stock Exchange, as well as a third-party fairness opinion.
According to RCR president and CEO Jericho P. Go, the company continues to prioritize acquiring assets from its parent sponsor. Currently, RCR’s portfolio is split at 53 percent malls and 47 percent office spaces. He noted that malls account for roughly 40 percent of RLC revenue, making them a larger component of the business.
RLC has outlined expansion targets: by 2030, it plans to increase its mall space to 2.4 million square meters from the current 1.6 million square meters, and office space to 1.2 million square meters from 800,000 square meters. The company also aims to double its logistics facilities and expand its hotel capacity by 25 percent. Go added that logistics and hotel assets have not yet been included in the REIT, but remain part of future plans subject to regulatory processes.
