RL Commercial REIT Inc. (RCR), the real estate investment trust unit of Robinsons Land Corp. of the Gokongwei Group, said it will add 422,000 square meters of potential office leasing space from the parent firm.
RCR, based on the latest prospectus filed with the Securities and Exchange Commission, said it signed agreement with RLC for the potential acquisition of the latter’s Cyberscape Gamma in Ortigas CBD and/or Robinsons Cybergate Center 1 in Mandaluyong.
RLC has approximately 204,000 sq m of gross leasable area from current office assets, 68,000 sq m of business process outsourcing spaces within the company’s various commercial centers and 150,000 sq m of properties in various stages of construction.
“Overall, RLC’s potential pipeline for infusions to RCR amounts to a total GLA of approximately 422,000 sq m over time. All potential infusions are subject to the fund manager’s recommendations, market conditions, the requirements of RCR’s business and the approval of the relevant regulatory bodies,” RCR said.
