RL Commercial REIT, Inc. received acknowledgment from the Philippine Competition Commission that its proposed property‑for‑share swap qualifies as an internal restructuring, clearing a regulatory hurdle.
The commission confirmed that RL Commercial REIT and Robinsons Land Corp share the same ultimate parent and that control will remain unchanged after the transaction.
The deal will transfer six Robinsons Land mall assets to the REIT in exchange for 1.287 billion new common shares. The assets are Robinsons Dumaguete, Tagaytay, Iligan, Galleria South, La Union and Naga.
Independent valuation placed the assets at roughly PHP 10.62 billion, based on analysis by Leechiu Property Consultants and a fairness opinion from FTI Consulting Philippines. The Securities and Exchange Commission approved the valuation on July 15.
After issuance, the REIT’s total outstanding shares will rise to 20,836,365,310, while public ownership will stay at 41.45%, comfortably above the 33.33% minimum required for REITs.
The swap, formalized through a Deed of Assignment on June 23, 2026, has been approved by the REIT’s board, the board of RL Fund Management, Inc., and the Related Party Transactions Committee.
The REIT announced it will file the required disclosures once the shares are issued and recorded. Its stock slipped 0.28% to PHP 7.16 per share on Tuesday.
