GOKONGWEI-LED RL Commercial REIT, Inc. (RCR) said it is focusing on central business districts (CBDs), emerging business districts, and key locations nationwide as potential areas to expand its property portfolio.
“RCR’s principal investment strategy is to invest on a long-term basis in a diversified portfolio of income-producing real estate assets located in major CBDs, key locations, and urban areas across the country,” the company said in a stock exchange disclosure on Friday.
“The potential property should be located in a CBD, emerging business district, or in key locations across the Philippines, typically with high-growth potential and in proximity to various modes of public transport and major roads for enhanced accessibility to tenants,” it added.
RCR is the real estate investment trust (REIT) unit of Robinsons Land Corp. (RLC).
As of end-September, RCR’s portfolio consists of 29 commercial properties, of which six are located in the Bonifacio Global City, Makati, and Ortigas CBDs.
The remaining 23 assets are situated in 15 locations across the country.
RCR said the average occupancy of its leases is at 96% as of end-September, with “manageable lease expiries until 2027.”
Some of the properties under RCR’s portfolio include the 45-storey Robinsons Equitable Tower in Pasig City, the 37-storey Robinsons Summit Center in Makati City, the 28-storey Giga Tower in Quezon City, and the 20-storey Cyber Sigma building in Taguig City.
RLC previously infused 13 commercial assets worth P33.9 billion into RCR as part of expanding the latter’s portfolio. The Securities and Exchange Commission approved the transaction on Sept. 19.
The deal brought RCR’s gross leasable area to 828,000 square meters.
For the first nine months, RCR saw a 32% increase in net income to P4.27 billion as revenue climbed by 42% to P5.84 billion due to its asset infusion and steady occupancy rates.
On Dec. 6, RCR shares dropped by 0.51% or three centavos to P5.90 apiece, while RLC stocks rose by 0.73% or 10 centavos to P13.78 each. — Revin Mikhael D. Ochave
