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Robinsons Land bares plan to list REIT firm

Robinsons Land Corp., the property unit of conglomerate JG Summit Holdings Inc., plans to infuse 15 of its 25 office buildings into a real estate investment trust company that will be listed with the Philippine Stock Exchange.

Robinsons Land said in a recent investors’ briefing it plans to infuse 15 office buildings with over 400,000 square meters of leasable area for its planned REIT offering scheduled next year.

The property company did not say how much it will raise from the planned office REIT listing.

Robinsons Land said it would incorporate a REIT, property management and a fund management company in preparation for the planned REIT listing.

Robinsons Land is one of the country’s leading office landlords with 25 office buildings with a total gross leasable area of 600,000 sq. m.

Aside from RLC, DoubleDragon Properties Corp. earlier announced plans to conduct an office REIT offering that could raise as much as P14.7 billion in proceeds.

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Article and Photo originally posted by Manila Standard last November 22, 2020 7:50pm and written by Jenniffer B. Austria.