The real estate investment trust sponsored by the Gokongwei family’s Robinsons Land Corp. has priced its initial public offering at P6.45 per share to raise as much as P23.5 billion in fresh capital.
RL Commercial REIT Corp. will offer to the public up to 3.645 billion common shares (including an overallotment option of up to 305 million shares). The offer period will run from Aug. 25 to Sept. 3.
Upon its listing on Sept. 14, RL Commercial REIT Corp. would be the largest REIT by portfolio, valuation and asset size, longest land lease tenure with an average of 89 years and as long as 99 years.
RCR would also be the most geographically diversified office REIT in the country with its proper ties spread across major central business districts in the Makati, Ortigas, Bonifacio Global City, Mandaluyong and Quezon City as well as high growth commercial hubs in Cebu, Davao, Naga and Tarlac City.
The company’s initial portfolio consists of 14 commercial real estate assets with a total gross leasable area (GLA) of 425,315 sqm.
For possible infusion into RCR are 25 assets with a GLA of 422,000 sqm. These include RLC’s Cyberscape Gamma in Ortigas and/or Robinsons Cybergate Center 1 in Mandaluyong,
RCR is backed by Robinsons Land, one of the leading real estate developers in the country with a track record of 41 years in the industry.
SOURCE: Bilyonaryo
0 comments:
Post a Comment