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Manila Bulletin devider Business devider RCR to buy P7-B prime assets

RCR to buy P7-B prime assets

Published Mar 10, 2022 01:16 pm

RL Commercial REIT, Inc. (RCR), the Philippines’ largest real estate investment trust (REIT) in market capitalization, is acquiring two prime assets from its sponsor Robinsons Land Corp. for P7 billion.

In a disclosure to the Philippine Stock Exchange on Thursday, March 10, the firm said the transactions are expected to be completed ahead of the committed infusion timeline in the REIT Plan.

RCR’s Board of Directors has just given the green light to acquire Cybergate Bacolod and Cyberscape Gamma which have with a combined gross leasable area (GLA) of 55,000 sqm. The acquisition will increase RCR’s total asset size by 13 percent to 480,000 sqm.

“This transaction, which comes a year ahead of target, is a testament to RCR's commitment to grow the company,” said RCR President and CEO Jericho Go.

RL Commercial REIT President Jericho Go

He noted that, “The assets were carefully chosen based on our investment criteria of high occupancy, income stability from quality tenant mix, and dividend yield accretion. These acquisitions will boost RCR’s cash flow and result to higher distributable income for our shareholders.”

The two PEZA-registered properties, predominantly occupied by BPOs, are targeted for infusion within the first half of 2022 – Cybergate Bacolod in March, and Cyberspace Gamma within the second quarter – subject to the approval of pertinent regulatory bodies.

The selection process of the assets was subjected to the fund manager’s recommendations, approval of the related party transactions committee, fund management board and RCR Board.

The acquisition of Cybergate Bacolod will be funded through a combination of cash and debt, while Cyberscape Gamma will be acquired via a tax-free exchange through asset-for-share-swap. The transaction values are supported by a third-party fairness opinion.

Cybergate Bacolod and Cyberscape Gamma are strategically located within key growth centers of Bacolod City and the Ortigas Central Business District of Pasig City, respectively.

The addition of Cybergate Bacolod will strengthen the diversity of RCR’s portfolio, extending its geographical presence to 10 key cities.

“With the easing of quarantine restrictions and the gradual re-opening of the economy, we are optimistic that RCR will be able to carry on its expansion plans and continue to create value for its shareholders,” Go added.

RCR closed 2021 with revenues of P2.09 billion and net income of P1.68 billion, higher than its REIT plan projection. Just last month, the company announced its second cash dividend issuance.

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Jericho Go RL Commercial REIT (RCR)
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