February 03, 2014

RLC opens two new malls

Robinsons Land Corp is reportedly opening two new malls this month. Robinsons Santiago City is set to commence operations on 13 Feb while Robinsons Place Roxas will open on 19 Feb. These should bring the company’s mall count to 37 branches.

Our take: The new malls were originally scheduled to open in October and November last year, respectively. Notwithstanding the delay, they will increase RLC’s gross leasable space by 8.5% to 990.4m sqms. RLC is looking to grow its mall portfolio by 18% to 1.077m sqms in FY2014 by opening seven new malls. RLC’s commercial center operations contribute about 47% and 60% of consolidated revenues and EBITDA, respectively.– WealthSec