MANILA, Philippines — RL Commercial REIT, Inc. (RCR) has received regulatory approval for its ₱10.6-billion acquisition of six mall properties from its sponsor, Robinsons Land Corporation (RLC), marking a major expansion of the REIT’s retail portfolio.
In a disclosure, RCR said the Securities and Exchange Commission approved the property-for-share swap transaction involving six operational malls with a combined gross leasable area of 160,269 square meters.
The assets to be transferred to RCR are Robinsons Dumaguete, Robinsons Tagaytay, Robinsons Iligan, Robinsons Galleria South, Robinsons La Union, and Robinsons Naga. The transaction is valued at approximately ₱10.62 billion. RLC will receive about 1.28 billion newly issued RCR common shares priced at ₱8.25 per share in exchange for the properties. The share price represents a premium over RCR’s recent market price, indicating RLC’s confidence in the REIT’s long-term value.
The approval is expected to strengthen RCR’s recurring rental income base and broaden its exposure beyond office properties into retail assets. RCR’s investment strategy focuses on income-generating real estate assets across major business districts and urban centers in the Philippines.
The acquisition forms part of Robinsons Land’s broader strategy to inject additional commercial properties into its REIT platform and increase dividend-generating assets. Earlier reports said RCR plans further retail-oriented asset infusions as it shifts portfolio growth toward steady-yielding mall properties.
With the completion of the transaction, RCR’s property portfolio will include a larger share of retail assets, complementing its existing office portfolio and enhancing diversification. RCR remains one of the country’s largest listed REITs sponsored by Robinsons Land Corporation.
