ROBINSONS Land, Corp.’s (the sponsor) subsidiary Robinsons Realty and Management Corp. has submitted a registration statement for a real estate investment trust (REIT) initial public offering (IPO) to the Securities and Exchange Commission (SEC) on Monday.

The company said the subsidiary’s articles of incorporation have also been amended to update its name to RL Commercial REIT, Inc. (RLC REIT), which is now pending approval with the SEC.

“Subject to receipt of regulatory approvals and market conditions, RLC REIT plans to offer secondary shares of up to 3,342,864,000 common shares under a firm offer, with an over allotment option of up to 305,103,000 common shares, at an offer price of up to P7.31 per share,” Robinsons Land said in a statement.

It is anticipated to raise gross proceeds worth nearly P26.67 billion should the overallotment option is exercised.

“Net proceeds will be used by the sponsor to fund its real estate projects in the country in accordance with its reinvestment plan,” Robinsons Land said.

The initial portfolio of RLC REIT includes 14 PEZA-accredited (Philippine Economic Zone Authority) assets, spanning over 400,000 square meters of gross leasable area across Metro Manila business districts and commercial hubs beyond the region.

Included assets are the following: Exxa-Zeta Towers in Quezon City, Makati City’s Robinsons Summit Center, Robinsons Cyberscape Alpha and Robinsons Cyberscape Beta in Pasig City, and Mandaluyong City’s Robinsons Cybergate Center 2 and 3, among others.

BPI Capital Corp. and UBS AG Singapore Branch have been tapped as joint global coordinators, lead managers, and joint bookrunners.

UBS AG Singapore will also be joined by CLSA Ltd. and Merrill Lynch (Singapore) Pte. Ltd. to serve as the international bookrunners.

Robinsons Land assigned BPI Capital as the lead local underwriter, while China Bank Capital Corp., First Metro Investment Corp., and PNB Capital and Investment Corp. will be the local underwriters for the proposed offering.

Shares of Robinsons Land at the stock exchange went up by 0.75% or 12 centavos on Monday to close at P16.12.

Source: BusinessWorld