RL Commercial REIT Inc. (RCR), the real estate investment trust company of Robinsons Land Corp. (RLC) of the Gokongwei Group, has finalized the acquisition of one prime office building for P5.9 billion.
RCR said in a disclosure to the stock exchange Friday it will acquire Robinsons Cyberscape Gamma from RLC through property-for-share swap transaction.
RCR will purchase the 37-story offer building and ssue 777,807 million common shares to RLC in exchange.
After the deal, RLC’s stake in RCR will increase to 66.14 percent from 63.49 percent.
The property-for-share swap deal is now subject to the approval of pertinent regulatory bodies.
RCC said the yield-accretive infusion is ahead of the target expansion timeline previously set by the company.
Robinsons Cyberscape Gamma is a registered building with the Philippine Economic Zone Authority with a total gross leasable area of 44,797 square meters. 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 asset to be infused into RCR.
The acquisition will hike RCR’s leasing portfolio by 10.3 percent to 480,500 sq.m. from 435,682 sq.m.
RCR in March finalized the acquisition of Robinsons Cybergate Bacolod, which was funded through a combination of cash and debt.
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 estimated at 6.06 percent at an initial public offering price 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. 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,” said RCR president and chief executive Jericho Go.
RCR earlier said it is eyeing the potential acquisition of 40,000 sq.m. to 100,000 sq.m. of GLA from RLC over the near term period To bolster its portfolio of assets.