Robinsons REIT sets P26.6-B IPO in end-August

RL Commercial REIT Inc., the real estate investment trust company backed by Robinsons Land Corp., has set its P26.6-billion initial public offering (IPO) in August.

Based on its filing submitted to the Securities and Exchange Commission (SEC) on May 26, RL Commercial has set the offer period from August 31, 2021 to September 6, 2021.

RL Commercial plans to offer up to 3.342 billion common shares at an offer price of up to P7.31 apiece, to raise P24.436 billion.

It has set an overallotment option of up to 305.103 million common shares, which would bring the total proceeds to P26.66 billion should it be availed.

The final price will be set on August 25, and shares will be listed and traded on the Philippine Stock Exchange on September 15, 2021.

RL Commercial's initial portfolio is made up of 14 assets accredited by the Philippine Economic Zone Authority (PEZA) with over 400,000 square meters of gross leasable area.

This includes the Robinsons Equitable Tower, Robinsons Summit Center, Cyberscape Alpha, Cyberscape Beta, Tera Tower, Cyber Sigma, Exxa-Zeta Tower, three Robinsons Cybergate Centers, Galleria Cebu, Robinsons Place Luisita 1, Cybergate Naga, and Cybergate Dela 1.

RL Commercial tapped UBS AG, Singapore Branch as the lead international bookrunner for the offer, with CLSA Ltd. and Merrill Lynch (Singapore) Pte. Ltd. as international bookrunners.

BPI Capital Corp. was tapped as the lead local underwriter, with China Bank Capital Corp., First Metro Investment Corp., and PNB Capital and Investment Corp. as local underwriters.

AREIT Inc. of Ayala Land Inc. and DDMP Reit Inc. of DoubleDragon Properties Corp. earlier successfully listed on the Philippine Stock Exchange.

Meanwhile, Filinvest REIT of Filinvest Land Inc. has a pending P14.9-billion IPO application with the SEC.

Shares in Robinsons Land Corp. are up 1.62% or P0.26 at P16.32 apiece.—AOL, GMA News