Robinsons Land's REIT to get P33.9B in assets

📆 6/6/2024 5:37 PM
📰 TheManilaTimes

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GOKONGWEI-LED Robinsons Land Corp. (RLC) is infusing P33.9 billion worth of assets in its real estate investment trust, RL Commercial REIT Inc. (RCR), via a property-for-share swap that would add 11 malls and two office assets to the latter's portfolio.

GOKONGWEI-LED Robinsons Land Corp. is infusing P33.9 billion worth of assets in its real estate investment trust, RL Commercial REIT Inc. , via a property-for-share swap that would add 11 malls and two office assets to the latter's portfolio.In a stock exchange filing, RLC said that its board approved the deal on Wednesday, in which RLC will subscribe to nearly 5 billion primary common shares of RCR at a price of P6.80 per share.

'The planned asset infusion will diversify our predominantly office asset portfolio with the inclusion of mall assets. This is in line with RCR's commitment to shareholders to continuously grow the company,' RCR President and Chief Executive Officer Jericho Go said.RCR will execute the deed of assignment with RLC and submit the application to the SEC following stockholder approval.

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