Megaworld Raises P147 Million from MREIT Share Sale for Portfolio Expansion

MANILA, Philippines — Property giant Megaworld Corp. has raised P147.1 million from a fresh round of sale of shares in its real estate investment trust company, MREIT Inc. In a stock exchange filing, Megaworld said it sold 10.74 million common shares of MREIT at P13.70 apiece under a block sale transaction. BDO Securities and BPI Securities acted as brokers for the transaction. A reinvestment plan detailing the use of proceeds from the block sale transaction will be submitted by the company on a future date. Earlier, Megaworld said it raised P5.6 billion from multiple block sales of MREIT shares between April and July, in preparation for the fifth wave of asset infusion into MREIT. The company will reinvest the proceeds into the next phase of recurring income-generating developments in its townships nationwide. MREIT is gearing up for its largest single-asset acquisition to date, diversifying its portfolio by adding mall and hospitality assets. The Wave 5 infusion will add 303,500 square meters of gross leasable area (GLA), set to bring MREIT’s portfolio to over 950,000 square meters and within sight of its one-million-square-meter milestone ahead of its 2027 target. It will also mark MREIT’s most significant diversification to date, shifting its asset mix from over 95 percent office to approximately 77 percent office, 20 percent mall and three percent hotel. As part of its long-term leasing expansion strategy, Megaworld is targeting two million square meters of office GLA and one million square meters of retail GLA by 2030, bringing its total leasing portfolio to three million square meters.