MANILA, Philippines — The Gokongwei Group has joined the real estate investment trust (REIT) bandwagon.
Gokongwei-owned Robinsons Land Corp., through its subsidiary, RL Commercial REIT Inc. submitted yesterday its registration statement for a REIT offering to the Securities and Exchange Commission (SEC).
RLC REIT plans to offer secondary shares of up to 3.3 billion common shares under a firm offer, with an over-allotment option of up to 305.1 million common shares at an offer price of up to P7.31 per share.
RLC REIT is looking to raise up to P26.67 billion, to be used for its real estate projects in the country in accordance with its reinvestment plan.
REIT companies can list and trade its shares of stock in the stock market as an alternative means to raise funds for property development and expansion initiatives.
Companies that own and operate income-generating real estate assets are considered REIT companies. These companies include offices, apartment buildings, hotels, warehouses, shopping centers and highways.
RLC REIT’s portfolio is composed of 14 PEZA-accredited assets with over 400,000 square meters of gross leasable area across key Metro Manila cities.
This includes the Exxa-Zeta Towers in Quezon City, Robinsons Summit Center in Makati City, Robinsons Cyberscape Alpha and Robinsons Cyberscape Beta in Pasig City and Robinsons Cybergate Center 2 and 3 in Mandaluyong City.
Two REIT companies – AREIT Inc. and DDMP REIT – have so far listed in the market. Filinvest and Vista Land are also planning to do their own REIT offerings.