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GSIS boosts stake in REIT unit of Gokongwei Group to 8.2%

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State-pension fund Government Service Insurance System (GSIS) acquired 8.2-percent stake in RL Commercial REIT Inc. (RCR), the real estate investment trust company owned by the Gokongwei Group.

RCR said in a stock exchange filing Tuesday GSIS now owns 877.434 million common shares in the company, or equivalent to 8.18 percent of the company’s total outstanding common shares. RCR’s stock closed at P4.95 Tuesday.

GSIS did not say how it acquired the RCR shares.

RCR’s parent firm Robinsons Land Corp. (RLC) early this month sold 1.75 billion RCR shares at P4.92 apiece to institutional investors via an overnight placement. The transaction enabled RLC to P8.5 billion in fresh capital.

RCR’s portfolio consists of 16 premium assets in 10 major cities, spanning 480,000 square meters (sq. m.) of gross leasable space.

The company has consistently distributed increasing dividends per share quarter-on-quarter since its initial public offering in September 2021.

RCR posted total revenues of P5.52 billion in 2023, excluding the effect of the change in fair market value of investment properties. It paid out total dividends amounting to P0.3914 per share.

RLC earlier said it planned to further expand its portfolio through asset infusion.

Aside from its offices, RLC also plans to infuse other asset classes such as malls, hotels and warehouses into RCR.

RLC’s investment portfolio includes 1.6 million sq. m. of leasable mall spaces, 270,000 sq. m. of leasable office spaces, 26 hotels with a total of 4,243 room keys and 227,000 sq. m of leasable logistics facilities.


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