Robinsons Land raises P7.75B from block sale of RCR shares

Robinsons Land Corp. (RLC) has raised P7.75 billion from the overnight block placement of one billion common shares in its real estate investment trust (REIT) unit, RL Commercial REIT, Inc. (RCR).

The placement was priced at P7.75 per share, at the top end of the marketed range, the company said in a disclosure on Tuesday.

The offering was oversubscribed by 3.7 times, prompting RLC to increase the transaction size to one billion shares.

Following the sale, RCR’s public float rose to 39.34%, equivalent to 7.69 billion common shares.

“The transaction saw strong participation from both local institutional investors and fresh foreign accounts,” RLC said.

The shares were sold via transactions exempt from registration under the Philippine Securities Regulation Code and offered offshore under Regulation S of the US Securities Act of 1933.

Proceeds from the sale are scheduled for settlement on Sept. 25, under a Secondary Block Trade Agreement.

RLC said it will submit a reinvestment plan detailing the use of proceeds in line with regulatory requirements.

BPI Capital Corp. acted as sole global coordinator, joint bookrunner, and domestic placement agent, while J.P. Morgan Securities Plc and Maybank Securities Pte. Ltd. served as joint bookrunners and international placement agents. — Beatriz Marie D. Cruz