Gokongwei-led Robinsons Land Corp. (RLC) said it will spend the P7.66 billion in net proceeds from the sale of shares of its real estate investment trust RL Commercial REIT Inc. (RCR) to its ongoing projects.
RLC said the bulk of the money will go to the Forum redevelopment in Mandaluyong at P1.82 billion. The said development involves a mall and an office tower, which is 43 percent complete. It has torn down the original structure to build a modern, high-end lifestyle center and mixed-use development, which will include a new six-storey mall and four office towers, collectively known as The Jewel.
About P282 million will be spent for Cebu Hotels, which include Nustar Hotel and Grand Summit in Cebu; P288 million for Robinsons Bacolod; P238 million for Robinsons Manila; P834 million for Malolos Bayan Park in Bulacan; P260 million for Robinsons Antipolo; P562 million for Robinsons Tanay; P638 for Robinsons Pangasinan; P56 million for BF Homes Paranaque; P148 million for the Tower 2 of GBF Center in Bridgetown in Quezon City, which is already 90 percent complete; P362 million for Cybergate Apo 1 in Davao; P327 million for Fili Hotel in Bridgetowne; P4 million for Grand Summit Pangasinan; and P302 million for Grand Summit Panglao in Bohol.
The company also listed P1.65 billion in land acquisition in the Visayas and Mindanao and P6 billion to buy properties in Luzon, which will also be disbursed by its wholly-owned subsidiary Bonifacio Property Ventures Inc.
‘Pending the disbursement of such proceeds, RLC may invest the net proceeds in short-term liquid investments including but not limited to short-term government securities, bank deposits and money market placements which are expected to earn interest at prevailing market rates, withdrawable on demand and without holding restrictions prior to any fund withdrawals.’
The said money came from the sale of 1 billion RCR shares at P7.75 per share.
Robinsons Offices, a unit of Robinsons Land Corp., meanwhile, has inaugurated GBF Center 2 in Bridgetowne.
The said opening came two years after the completion of the adjacent GBF Center 1.
The new 30-storey building has a gross leasable area of 60,000 square meters, 20 percent more than the 50,000 square meter-GBF Center 1. Both have 21 office floors, eight parking floors, plus basement parking and the ground floor, which has the lobby and some retail outlets.
‘Although they have the same height, GBF Center Two has larger floor plates, which results in more usable space,’ RLC Senior Vice President and Robinsons Offices general manager Jericho P. Go said.
Each floor in GBF Center 2 offers 2,800 square meters of flexible office space, compared with GBF Center 1’s 2,500-square meter of office space per floor.