RL Commercial REIT, Inc. (RCR) has secured the Philippine Competition Commission’s (PCC) acknowledgment that its proposed P10.62-billion property-for-share swap with sponsor Robinsons Land Corp. (RLC) qualifies as an internal restructuring, clearing another regulatory step toward completing the transaction, according to a report by BusinessWorld.
In a regulatory filing on Tuesday, the Gokongwei-led real estate investment trust (REIT) said the PCC issued the clearance, which brings the transaction closer to completion. The property-for-share swap is part of RCR’s plan to infuse P10.6 billion worth of assets from RLC, allowing the REIT to expand its portfolio under the Gokongwei conglomerate.
The PCC’s acknowledgment that the deal qualifies as an internal restructuring means it does not raise competition concerns, given that both entities operate under the same corporate group. RCR said the transaction remains subject to other customary conditions, but the latest clearance marks a significant step forward. The REIT aims to use the infusion to strengthen its position in the commercial property market.