RL Commercial REIT eyes acquiring more assets to boost dividend

ABS-CBN News

Posted at Nov 03 2021 11:27 AM

MANILA - RL Commercial REIT Inc on Wednesday said it is eyeing to acquire more assets as its stock price rose.

RCR shares closed at P7.22 per piece on Tuesday or 11.94 percent higher than its IPO price of P6.45 per share, the company said in a statement.

"The Company is looking to acquire more assets to accelerate growth and further boost its stock performance," it said.

"RCR’s potential expansions are geared towards boosting its dividend yield," it added.

The dividend yield forecast for 2022 is at 5.96, it said. 

It currently has an initial portfolio of 14 commercial assets with a total 425,315 square meters of gross leasable areas (GLA) located nationwide.

RCR said it is eyeing the acquisition of 40,000 sqm to 100,000 sqm of existing office developments of Robinsons Land within the next 18 months.

It is also on the lookout for opportunities to acquire assets from third parties, it said. All potential infusions are subject to market conditions, fund manager recommendation and regulatory approvals, among others, RCR said. 

RCR sponsored by Robinsons Land Corp is the country's largest REIT in terms of market capitalizaton and valuation. 

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