Property developer Robinsons Land Corp. (RLC) said Thursday its board of directors approved a P30.67 billion property-for-share swap transaction with its real estate investment trust (REIT) company RL Commercial REIT Inc. (RCR).
Under the plan, RLC will inject nine malls with a total gross leasable area of 324,107.75 square meters into RCR.
The malls include Robinsons Dasmariñas, Robinsons Starmills, Robinsons General Trias, Robinsons Cybergate Cebu, Robinsons Tacloban, Robinsons Malolos, Robinsons Santiago, Robinsons Magnolia and Robinsons Tuguegarao.
RLC in exchange will subscribe to 3.834 billion primary common shares of RCR at P8 per share, valuing the total transaction at P30.674 billion. The valuation was supported by an SEC/PSE-accredited appraiser and a third-party fairness opinion.
“The transaction has been approved by the Related Party Transaction Committee of RLC and shall be subject to the approval of pertinent regulatory bodies, as applicable,” RLC said in a statement.
RLC plans to hold a special stockholders meeting in August to approve the deal.
RLC infused 13 commercial assets, comprising 11 malls and two offices, with a total valuation of P33.9 billion into RCR under a 2024 property-for-share swap.
RCR said its long-term growth plan included expanding its portfolio by acquiring more office buildings and malls from RLC.
RLC still holds over 1.3 million square meters of mall gross leasable area (GLA), more than 250,000 square meters of office GLA, nearly 300,000 square meters of logistics GLA and 4,000 hotel keys that could be infused into RCR in the future.
RCR is also actively seeking potential assets for acquisition from third parties.
RCR’s portfolio included 828,000 square meters of GLA, with 539,000 square meters of office spaces and 289,000 square meters of mall spaces, located across 18 key cities in the Philippines as of end-2024,
RLC sold a P6.2 billion block of RCR shares in April, boosting RCR’s public float from 35.9 percent to 42.6 percent through a placement of 1.043 billion shares at P5.95 apiece.
