Robinsons REIT absorbs P30.67 billion mall assets

MANILA, Philippines — Gokongwei-led Robinsons Land Corp. (RLC) is poised to infuse P30.67 billion worth of mall assets to its real estate investment trust unit RL Commercial REIT Inc. (RCR) via a property-for-share swap.

Under the property-for-share swap transaction, RLC will subscribe to 3.83 billion primary common shares of RCR at a price of P8 apiece, as supported by a Securities and Exchange Commission- or Philippine Stock Exchange-accredited appraiser and a third-party fairness opinion.

A total of nine RLC malls totaling 324,107.75 square meters of gross leasable space, meanwhile, will be infused into RCR.

The malls include Robinsons Dasmariñas, Robinsons Starmills, Robinsons General Trias, Robinsons Cybergate Cebu, Robinsons Tacloban, Robinsons Malolos, Robinsons Santiago, Robinsons Magnolia and Robinsons Tuguegarao.

RLC said the transaction has been approved by the company’s related party transaction committee and would be subject to the approval of pertinent regulatory bodies, as applicable.

It will also be presented for approval in a special shareholders meeting of RCR on August 13, 2025.

RCR has been looking at adding more mall and office assets of its sponsor RLC to boost its portfolio in the near term.

RCR is present in 18 key cities and locations across the country, with 29 assets composed of 17 office assets and 12 mall assets.

The company earlier said that RLC still has over 1.3 million square meters of malls gross leasable area (GLA), more than 250,000 square meters of offices GLA, almost 300,000 square meters of logistics GLA and approximately 4,000 hotel room keys that may be infused into the company in the future.

Leveraging its successful REIT platform, RCR, RLC continues to recycle capital through property infusions and strategic share sales.

To further increase its portfolio, RLC said it aims to proportionately replenish assets sold to RCR to unlock value for shareholders.

RLC, on its end, recently unveiled its Vision 5-25-50 roadmap that aims to deliver P25 billion in net income by its 50th anniversary in 2030.

Under the roadmap, RLC is targeting an aggressive expansion that seeks to increase mall GLA by 50 percent, office space by 50 percent, hotel room keys by 25 percent and double logistics capacity by 2030.