Robinsons Land REIT makes PSE debut

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Metro Manila (CNN Philippines, September 14) — Robinsons Land's real estate investment trust (REIT) arm has successfully debuted on the local bourse.

RL Commercial REIT on Tuesday raised ₱23.5 billion from its maiden offering, which sold 3.34 billion shares priced ₱6.45 apiece with an over-allotment option of up to 305 million shares.

RCR shares closed at ₱6.46 per share Tuesday afternoon - up 0.16% from the initial price.

The newly listed firm has the largest market capitalization among listed REITs at ₱64.2 billion, portfolio valuation of ₱73.9 billion, and asset size with a gross leasable area of 425,315 square meters.

Finance Secretary Carlos Dominguez welcomed the listing of RCR, which he praised for its "impressive portfolio and sterling record as a property developer."

"This public offering is another vote of confidence that the Philippine economy is on track to a solid recovery from the difficulties brought about by the pandemic," Dominguez said.

This initial public offering marks the fourth REIT listing with the local bourse, succeeding those made by Ayala Land Inc. REIT, DD Meridian Park REIT, and Filinvest REIT.

Philippine Stock Exchange president and chief executive officer Ramon Monzon, meanwhile, praised the strong support RCR garnered among local and foreign investors for its IPO.

"Local small investors, or LSIs, from 52 provinces and 14 countries likewise joined the RCR investment bandwagon. In fact, for the first time ever in PSE's history, a local small investor from Iraq invested in an IPO via PSE's Electronic Allocation System or PSE EASy," Monzon said.

Securities and Exchange Commission chairman Emilio Aquino also noted RCR's listing brings the total market capitalization of listed REIT firms to ₱171.3 billion - up from the previous ₱107.1 billion.

RCR chairman Frederick Go expressed gratitude for the "overwhelming response" their offering attracted.

"We would like to thank the investing public for their continued trust and support to the Robinsons Land brand. We appreciate how our reputation and track record over the years have resulted in this expression of confidence in RCR's IPO," he said.

More than 94% of RCR's initial portfolio are spread across the Makati, Bonifacio Global City, and Ortigas central business districts. The rest are situated in Mandaluyong City and Quezon City, along with high-growth commercial hubs in Tarlac, Naga, Metro Cebu, and Metro Davao.

RCR also reported an 89-year average land lease with land leases lasting as long as 99 years, making it the REIT with the longest land lease tenure.

"RLC will receive the proceeds from the offer as the selling shareholder and invest it according to the Reinvestment Plan detailed in the REIT Plan," the company added.