Robinsons realty firm plans P26.7B IPO for its REIT | Inquirer Business
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Robinsons realty firm plans P26.7B IPO for its REIT

03:37 PM May 27, 2021

MANILA, Philippines—Gokongwei-led Robinsons Land Corp. (RLC) plans to raise as much as P26.7 billion from the initial public offering of a real estate investment trust (REIT) that it will sponsor.

According to a registration statement filed with the Securities and Exchange Commission, RLC has formed a REIT, called RL Commercial REIT Inc. (RLC REIT), which will offer up to 3.342 billion secondary common shares at a maximum price of up to P7.31 per share.

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Outside the base offer, worth as much as P24.4 billion, RLC can upsize the deal by 305.1 million common shares within 30 days after listing on the main board of the Philippine Stock Exchange.

RLC REIT’s initial portfolio comprises 14 properties with total appraised value of ₱73.34 billion ($1.53 billion) as of September 30, 2020 and which are located in central business districts across Metro Manila and in the key cities of Naga, Tarlac, Cebu and Davao.

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RLC has mandated BPI Capital Corp. and UBS AG Singapore as joint global coordinators, lead managers and joint book runners, while UBS AG was hired to be the lead international book runner.

Other international book runners are CLSA Ltd. and Merry Lynch (Singapore) Pte. Ltd.

The lead local underwriter is BPI Capital while other local underwriters are China Bank Capital Corp., First Metro Investment Corp. and PNB Capital and Investment Corp.

RLC REIT is the fourth company to sponsor a REIT for IPO, after Filinvest Land Inc. Ayala Land’s AREIT and DoubleDragon Properties Corp.’s DDMP REIT were the first two to enter the market.

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TAGS: Business, IPO, Real Estate, Robinsons, SEC
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