MANILA - The Securities and Exchange Commission on Wednesday said it has cleared the real estate investment trust (REIT) initial public offerings of Robinsons Land and Megaworld Corp.

The Commission En Bank resolved to render effective the registration statements of Robinsons Land's RL Commercial REIT Inc and Megaworld's MREIT Inc, the SEC said in a statement.

"The Securities and Exchange Commission (SEC) has considered favorably the initial public offerings (IPO) of real estate investment trusts (REIT) sponsored by Robinsons Land Corporation (RLC) and Megaworld Corporation," it said.

• Robinsons Land Corp seeks approval of its real estate investment trust offer

RL Commercial REIT will offer up to 3.3 billion secondary common shares for up to P7.31 per share with an overallotment option of up to 305 million common shares. It could raise up to P25.88 billion in net proceeds with the overallotment fully exercised, the SEC said.

The company will conduct the initial public offer from Aug. 31 to Sept. 8 and before listing on the stock exchange on Sept. 20.

Megaworld's MREIT, meanwhile, will offer over 1 billion secondary offer shares priced at up to P22 per share with an overallotment option of up to 161 million common shares. With the overallotment, the offer could generate up to P26.3 billion.

MREIT will run its IPO from Aug. 23 to Aug. 27 before listing on the main index on Sept. 6.

The 2 new REIT offerings will follow Ayala Land's AREIT and DoubleDragon's DDMP which are now listed at the Philippine Stock Exchange.

Filinvest Land's Filinvest REIT Corp, meanwhile, has secured the approval of the Philippine Stock Exchange in July.

A REIT is a financial instrument that allows investors to earn from rental income.

• Filinvest REIT's initial public offering gets Philippine Stock Exchange nod

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