Robinsons Land transfers P5.9B Ortigas building to REIT firm

*Robinsons Cyberscape Gamma. PHOTO FROM ROBINSONS OFFICES WEBSITE*

MANILA, Philippines—RL Commercial REIT Inc. is taking over the P5.9 billion Robinsons Cyberscape Gamma building in the Ortigas business district, which would boost its portfolio and dividend payout to investors.

RL Commercial REIT is the real estate investment trust (REIT) of Robinsons Land Corp., the property giant owned by Gokongwei-led conglomerate JG Summit Holdings.

RL Commercial REIT is taking control of Robinsons Cyberscape Gamma from Robinsons Land, the company’s REIT sponsor.

It would also issue 777.81 million shares to Robinsons Land for the project, a 37-story Grade-A, PEZA-registered building with a total gross leasable area of 44,797 square meters and an occupancy rate of over 90 percent.

RL Commercial REIT said the acquisition will boost its 2022 annual dividend yield to 6.06 percent, which was based on its initial public offering (IPO) price of P6.45 per share.

This was higher than the 5.96 percent 2022 dividend forecast indicated in its IPO prospectus last year.

Robinsons Cyberscape Gamma is the 16th asset to be infused into RL Commercial REIT, whose asset size would increase by over 10 percent to 480,500 sqm.

“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,” RL Commercial REIT president and CEO Jericho Go said in a statement on Friday (April 22).

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The article was originally published in Inquirer and written by Miguel R. Camus.