If you want to invest in office leasing, check out the Gokongwei Group’s soon-to-list real estate investment trust RL Commercial REIT Inc.
RCR has set the final price of its offering at P6.45 per share from the up-to price of P7.31 per share it indicated in its registration statement.
At this price, RCR will raise P23.5 billion instead of P26.7 billion as indicated in its initial filing.
The Philippine Stock Exchange (PSE) has already cleared RCR’s proposed offering of up to 3.34 billion common shares with an over-allotment option of up to 305 million common shares.
Based on the latest timetable, RCR’s offer period will run from August 25 to September 3, 2021, with target listing date on September 14, 2021.
RCR is backed by its sponsor, Robinsons Land Corp. (RLC), one of the leading real estate and property developers in the country with a track record of 41 years in the industry.
As a demonstration of the full backing of RLC as sponsor, RLC extended land leases of as long as 99 years to RCR.
As having the longest land lease tenure among Philippine REITs to date, this provides long term sustainability and predictability to RCR.
RCR has a portfolio of commercial assets in different locations, said RLC president and CEO Frederick Go.
“We are in nine locations- Makati, Taguig, Quezon City, Pasig, Mandaluyong and Cebu, Tarlac, Naga and Davao,” Go told The STAR.
The initial portfolio consists of 14 commercial real estate assets located in central business districts across Metro Manila such as in Makati, BGC and Ortigas, Quezon City and Mandaluyong and in the key cities of Naga, Tarlac, Cebu, and Davao, making it the most geographically diverse Philippine REIT with a total gross leasable area (GLA) of 425,315 square meters.