GOKONGWEI-LED Robinsons Land Corp. (RLC) expects regulatory approval for its mall and office infusions to its investment trust unit RL Commercial REIT Corp. (RCR) within the year.
GOKONGWEI-LED Robinsons Land Corp. expects regulatory approval for its mall and office infusions to its investment trust unit RL Commercial REIT Corp. within the year.In an analyst briefing held this month, RLC chief finance officer Kerwin Tan said, 'We have submitted all pertinent documents to various regulators for approval, hopefully... by the second half of 2024.'Tan also confirmed the cash dividend payout from RCR will be higher due to the property infusion.
RCR President and Chief Executive Officer Jericho Go said the agreement will diversify RCR's portfolio and help grow the company.The deal involves 10 Robinsons Malls in Novaliches, Cainta, Luisita, Cabanatuan, Lipa, Santa Rosa, Imus, Los Baños, Palawan, Ormoc, and a Cybergate in Davao, with a total leasable space of 278,526 square meters .The two office assets are Giga Tower in Quezon City and Cybergate Delta 2 in Davao City, with an accumulated leasable space of 68,803 sqm.
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