Robinsons Land spends P800M for NCR land banking
Robinsons Land spends P800M for NCR land banking and Manila, Cainta, Pagadian expansion
Robinsons Land Corp. led by bilyonaryo Frederick Go has fully deployed the P822 million it raised from the sale of its Bacolod property to its real estate investment trust (REIT) arm.
The bulk of the funds or P506 million went to the purchase of prime property in the National Capital Region.
The rest of the funds went to the redevelopment of Robinsons Manila (P110 million), ongoing expansion of Robinsons Place Pagadina (P94 million), and Robinsons Metro East redevelopment (P66 million).
Last March, RLC sold its two-storey, PEZA-registered Robinsons Cybergate Bacolod, with a gross leasable space of 10,367-square meters, to RL Commercial REIT Inc (RCR).
RCR will lease the land occupied by the building from RLC for 50 years with an option to renew for another 25 years.1 Like0 Replies