MANILA, Philippines — State-run pension fund Government Service Insurance System (GSIS) has raised its stake in the real estate investment trust of Gokongwei-led Robinsons Land Corp. over the past two months, bringing it to nearly 8.2 percent.
In a stock exchange filing, RL Commercial REIT Inc. (RCR) said GSIS has acquired a total of 790.22 million shares of the company over the past 60 days.
As a result, RCR said GSIS currently owns a total of 877.43 million common shares of RCR, which is equivalent to 8.18 percent.
The said stake is valued at around P4.34 billion.
GSIS is a government financial institution, which administers the social security benefits of active and retired employees of the government.
RCR, meanwhile, has a current portfolio consisting of 16 premium assets in 10 major cities totaling 480,000 square meters of gross leasable space.
RCR was recognized by the Institute of Corporate Directors as a top performing publicly listed company in the Philippines under the 2022 Asean Corporate Governance Scorecard, a recognition which served as a testament to its commitment in ensuring a sound and strong corporate governance.
RCR has consistently distributed increasing dividends per share quarter-on-quarter since its listing.
In 2023, RCR posted revenues of P5.52 billion excluding the effect of the change in fair market value of investment properties.