The country’s largest real estate investment trust, RL Commercial REIT Inc. (RCR) has finalized the acquisition of Robinsons Cyberscape Gamma in a P5.9 billion property-for-share swap deal.
RCR’s sponsor Robinsons Land Corp. will get 777.81 million shares in exchange for the infusion of the 37-storey, Grade-A, PEZA-registered building.
Robinsons Cyberscale Gamma has a total gross leasable area of 44,797 square maters with occupancy of over 90 percent. It is strategically located within the Ortigas CBD and is the 16th asset to be added to RCR’s portfolio.
With this acquisition, RCR’s asset size will expand by 10.3 percent to 480,500 sqm.
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 at an IPO 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,” RCR president and CEO Jericho Go said.
SOURCE: Bilyonaryo
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