Robinsons Land Corp., (RLC) has reiterated its plan to infuse additional office spaces into its real estate investment trust (REIT), RL Commercial REIT Inc. (RCR).
The company said “potential additions to RCR’s portfolio in the future or as soon as within 18 months are Cyberscape Gamma in Ortigas and Robinsons Cybergate Center 1 in Mandaluyong” as outlined in the memorandum of understanding (MOU) between RCR and RLC.
Including the Cyberscape Gamma and the Robinsons Cybergate Center 1, RLC has approximately 204,000 square meters (sq.m.) in gross leasable area (GLA) in existing office assets, 68,000 sq.m. GLA of business process outsourcing (BPO) spaces located within RLC’s various commercial centers as well as 150,000 sq.m. GLA of properties that are in various stages of construction that can be infused into RCR, RLC noted.
“Overall, RLC’s potential pipeline for infusions to RCR amounts to a total GLA of approximately 422,000 sq.m. over time, almost double its current portfolio size,” it said.
Jericho Go, RCR president, said “prospects are rosy” for RCR investors who participated in the company’s recent initial public offering (IPO), noting that the bulk of RCR’s portfolio “comprises players in the resilient business process outsourcing (BPO) industry.”
“RCR has an initial portfolio of 14 commercial real estate assets with a total gross leasable area (GLA) of 425,315 sq.m. and an independently appraised value of P73.9 billion as of June 30, 2021,” Go said.
“RCR buildings are located in major central business districts across Metro Manila, such as Makati, Fort Bonifacio, Ortigas, Quezon City, and Mandaluyong,” he added.
RL Commercial REIT listed early this month after raising P23.5 billion through an IPO. It sold to the public 3.34 billion common shares with an over-allotment option of up to 305 million common shares at an offer price of P6.45 apiece.
Go said as a “bellwether” of office REIT, RCR has presence in key cities and urban areas across the country, such as Metro Cebu, Metro Davao, Naga and Tarlac.
“In all, RCR has the widest geographical coverage,” he said.
