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Robinsons Land to sell P33.9-B of malls and offices to RCR

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Robinsons Land News

Robinsons Land [RLC 15.74 ?0.4%; 55% avgVol] [link] disclosed that its board of directors approved a property-for-share swap deal with its REIT subsidiary, RL Commercial REIT [RCR 5.20 ?0.2%; 56% avgVol], that will send 11 malls and two office towers to RCR in exchange for 4.99 billion shares of RCR at a valuation of 33.

, that will send 11 malls and two office towers to RCR in exchange for 4.99 billion shares of RCR at a valuation of 33.9 billion. The implied per-share price of RCR in this deal is P6.80/share, which is a 30.7% premium over RCR’s Friday closing price. Once complete, the transaction will make RCR the PSE’s largest mall REIT.

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Source: Real Estate Daily Report (realestatedailyreport.net)

 

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