RL Commercial REIT Inc. (RCR), the Philippines’ largest real estate investment trust, has finalized the infusion of the P5.9 billion Robinsons Cyberscape Gamma by its sponsor Robinsons Land Corporation (RLC).
To be implemented via a property-for-share swap transaction, RLC will get 777.81 million RCR shares in exchange for Robinsons Cyberscape Gamma which is valued at P5.9 billion as validated by a third-party fairness opinion.
RCR said this yield-accretive infusion is ahead of the target expansion timeline previously set by the Company.
Robinsons Cyberscape Gamma is a 37-storey is a Grade-A PEZA-registered building with a total gross leasable area of 44,797 square meters (sqm). Its occupancy is over 90 percent and is predominantly occupied by BPO companies.
The prime commercial development is strategically located within the Ortigas CBD and is the 16th RLC asset to be infused into RCR. Its addition to the RCR portfolio increases the REIT’s asset size by 10.3 percent to 480,500 sqm.
The infusion comes shortly after the acquisition of Robinsons Cybergate Bacolod last March 8, 2022.
Robinsons Cyberscape Gamma has a projected dividend yield of 5.64 percent. Following the infusion of Cybergate Bacolod and Cyberscape Gamma, RCR’s projected annual dividend yield for 2022 is 6.06 percent its initial public offering of P6.45 per share.
“Our goal has always been to grow and diversify the portfolio of RCR through the acquisition of yield-accretive assets,” RCR President and CEO Jericho Go said.
He added that, “We have been consistent and in line with our target plans as disclosed in our REIT plan, which solidifies our strong commitment to our shareholders.” The transaction was subjected to the fund manager’s recommendations, approval of the related party transactions committee, fund management board and RCR board.
RCR debuted in the Philippines Stock Exchange in Sept. 14, 2021. In less than a year since its IPO listing, RCR has already acquired two assets to increase its GLA by 13 percent, expanded its geographical reach to 10 key cities, and distributed dividends higher than projection based on its REIT plan.
Furthermore, RCR was included in the FTSE Global Equity Index Series for Asia- Pacific and was named the Best REIT in the Philippines during the Assets’ Triple A awards in Hongkong held last month for its P23.5 billion IPO.