RLC taps P3.51-B REIT proceeds for office, residential developments

ROBINSONS LAND CORP. (RLC) has used P3.51 billion from a recent block placement of shares in its real estate investment trust unit RL Commercial REIT, Inc. (RCR) to fund office, residential, and hotel developments.

The funds, applied between July 1 and Sept. 30, include P1.96 billion for a land acquisition in Taguig City, P307 million for Mantawi Residences in Cebu, and P248 million for its Cebu hotels.

Other allocations supported projects in Quezon City, Mandaluyong, Parañaque, and several regional developments.

As of Sept. 30, RLC said P2.31 billion from the REIT proceeds remains available for future projects.

The amount came from a block placement of 1.04 million RCR shares, part of the company’s strategy to channel REIT proceeds into ongoing and new property developments.

RLC posted a 16% increase in second-quarter revenue to P12 billion, while RCR’s revenue jumped 62% to P2.34 billion.

On Thursday, RLC shares rose 1.06% to P15.28, while RCR shares fell 0.52% to P7.58. — Beatriz Marie D. Cruz