Robinsons Land REIT to debut on Tuesday at PSE

MANILA, Philippines — Investors gobbled up the Gokongwei Group’s soon-to-list real estate investment trust, RL Commercial REIT Inc. (RCR), the country’s largest REIT initial public offering.

“It was well oversubscribed,” industry sources said, noting that some investors were still trying to buy shares after the offer period ended last week.

RCR’s market capitalization will be P64.2 billion or $1.3 billion at its IPO price of P6.45 per share. It will raise P23.5 billion, making it the largest REIT IPO in the country to date.

The company sold 3.34 billion common shares with an over-allotment option of up to 305 million common shares.

RCR’s portfolio consists of players in the resilient business process outsourcing industry. RLC is the sponsor of RCR.

It has an initial portfolio of 14 commercial real estate assets with a total gross leasable area (GLA) of 425,315 square meters and an independently appraised value of P73.9 billion as of June 30.

RCR buildings are located in major central business districts across Metro Manila, such as Makati, BGC, Ortigas, Quezon City, and Mandaluyong.

It also has a presence in key cities and urban areas across the country, such as Metro Cebu, Metro Davao, Naga and Tarlac.

RCR also has the widest geographical coverage.

Potential additions to RCR’s portfolio in the future or as soon as within 18 months are RLC’s Cyberscape Gamma in Ortigas and Robinsons Cybergate Center 1 in Mandaluyong.

On top of this, RLC has existing office BPO spaces located within RLC’s various commercial centers, as well as projects that are in various stages of construction.

Including the Cyberscape Gamma and the Robinsons Cybergate Center 1, RLC has approximately 204,000 sqm GLA in existing office assets, 68,000 sqm GLA of business process outsourcing spaces located within RLC’s various commercial centers, as well as 150,000 sqm GLA of properties that are in various stages of construction.

RLC’s potential pipeline for infusions to RCR will have a total GLA of approximately 422,000 sqm over time.