RL Commercial REIT Inc. on Tuesday announced a property-for-share swap with its sponsor, Robinsons Land Corp., involving six mall assets valued at approximately P10.62 billion.
In a disclosure, the company said its board approved the transaction during a special meeting earlier in the day.
The deal covers six malls — Robinsons Dumaguete, Robinsons Tagaytay, Robinsons Iligan, Robinsons Galleria South, Robinsons La Union and Robinsons Naga — with a combined gross leasable area of 160,269 square meters.
Under the transaction, Robinsons Land will subscribe to 1,287,562,302 common shares of RCR at a price of P8.25 per share, equivalent to a total valuation of P10,622,389,000.
RCR said the valuation was supported by an independent property appraiser accredited by the Securities and Exchange Commission, and the Philippine Stock Exchange (PSE) and a third-party fairness opinion.
The REIT said the transaction was also approved by the board of directors of RL Fund Management Inc., RCR’s fund manager, as well as its related party transaction committee.
The deal remains subject to approval by relevant regulatory authorities in line with applicable securities rules.
RCR is a real estate investment trust sponsored by Robinsons Land with a portfolio focused on retail and commercial assets across key urban centers in the country.
The company’s shares on Tuesday rose P0.04, or 0.57 percent, to close at P7.09 each, while those of Robinsons Land added P0.24, or 1.48 percent, closing at P16.48 each, amid a 1.51-percent advance for the benchmark PSE index.