MANILA - Robinsons Land Corp's RL Commercial REIT Inc has filed for a registration statement to offer real estate investment trust (REITs), the Securities and Exchange Commission said Thursday.
RL Commercial REIT's application is for the public offering of up to 3.3 billion common shares at an offer price of up to P7.31 each, with an overallotment option of up to 305 million common shares, the SEC said in a statement.
Once approved, RL Commercial REIT will be among the country's first to offer the said investment instrument.
DoubleDragon's DDMP and Ayala Land's AREITs were the first to offer REITs in the Philippines.
Real estate investment trust is an investment instrument that allows consumers to engage and earn in real estate through dividends.