Gokongwei-led real estate developer Robinsons Land Corp. (RLC) is infusing six additional mall assets into its real estate investment trust company, RL Commercial REIT Inc. (RCR), through a P10.62-billion property-for-share swap transaction, Philstar Biz reported.
The transaction involves the exchange of mall properties for RCR shares, further expanding the REIT's portfolio. This move is expected to enhance RCR's asset base and income stream, aligning with RLC's strategy to unlock value from its retail assets.
The infusion comes amid a growing trend among Philippine developers to use REITs as a vehicle for capital recycling and portfolio optimization. RLC previously transferred several assets to RCR since its IPO in 2021, and this latest injection underscores the company's commitment to expanding its REIT platform.