RCR and RLC complete exchange of assets for P5.9-B shares – Manila Bulletin
RL Commercial REIT Inc. (RCR), the largest real estate investment trust in the Philippines, has completed the injection of 5.9 billion pesos Robinsons Cyberscape Gamma by its sponsor Robinsons Land Corporation (RLC).
To be implemented via an exchange of goods for shares transaction, RLC will obtain 777.81 million RCR shares in exchange for Robinsons Cyberscape Gamma which is valued at 5.9 billion pesos, as validated by a certificate of third party equity.
RCR said this yield injection is ahead of the target expansion schedule previously set by the company.
Robinsons Cyberscape Gamma is a 37-story PEZA Class A registered building with a total gross leasable area of 44,797 square meters (m²). Its occupancy rate is over 90% and is mainly occupied by BPO companies.
The main business development is strategically located in the CBD of Ortigas and is the 16th RLC asset to be infused into RCR. Its addition to the RCR portfolio increases the size of the REIT’s assets by 10.3% to 480,500 m².
The infusion comes shortly after the acquisition of Robinsons Cybergate Bacolod on March 8, 2022.
Robinsons Cyberscape Gamma has a projected dividend yield of 5.64%. Following the infusion of Cybergate Bacolod and Cyberscape Gamma, RCR’s projected annual dividend yield for 2022 is 6.06% of its initial public offering of P6.45 per share.
“Our goal has always been to grow and diversify RCR’s portfolio through the acquisition of high-yielding assets,” said RCR President and CEO Jericho Go.
He added that “we have been consistent and in line with our target plans as disclosed in our REIT plan, which reinforces our strong commitment to our shareholders.” The transaction was subject to the recommendations of the fund manager, the approval of the related party transaction committee, the fund management board and the board of directors of RCR.
RCR debuted on the Philippine Stock Exchange on September 14, 2021. In less than a year since its IPO, RCR has already acquired two assets to increase its GLA by 13%, expanded its geographic reach to 10 key cities and distributed dividends. greater than the projection based on its FPI plan.
Additionally, RCR was included in the FTSE Global Equity Index Series for Asia-Pacific and was named Best REIT in the Philippines at Assets’ Triple A Awards in Hong Kong last month for its IPO. of 23.5 billion pesos.
SUBSCRIBE TO THE DAILY NEWSLETTER
CLICK HERE TO REGISTER