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Manila Bulletin devider Business devider The Stock Market devider MREIT to buy more Megaworld office towers

MREIT to buy more Megaworld office towers

Published Jun 1, 2023 05:51 am
MREIT, Inc., the real estate investment trust of top Philippine office landlord Megaworld Corporation, is planning to acquire seven more of its sponsor’s grade A office assets, which have  potential to boost annual revenues by P1.2 billion. In a disclosure to the Philippine Stock Exchange, MREIT said the targeted assets of Megaworld have a total gross leasable area of around 150,500 square meters. The two companies have just signed a memorandum of understanding (MOU) for the possible acquisition of these assets. In aggregate, these assets generated P1.2 billion of rental income in 2022. These potential additions include Two West Campus (9,500 sqm) and Ten West Campus (36,400 sqm) in McKinley Hill, Science Hub Tower 3 (20,500 sqm) and Science Hub Tower 4 (20,700 sqm) in McKinley West, One Fintech Place (18,200 sqm) and Two Fintech Place (18,100 sqm) in Iloilo Business Park, and Davao Finance Center (27,100 sqm) in Davao Park District. MREIT President and CEO Kevin L. Tan

“These properties boast high average occupancy rate of 94% and quality tenants, marking a significant step towards our commitment to deliver sustained growth and value to our investors,” said MREIT President and CEO Kevin L. Tan. He added that, “Over the coming weeks, our team will work alongside our sponsor Megaworld Corporation to conduct comprehensive financial, legal, and technical due diligence to ensure the viability of the assets with a goal to execute definite agreements within the third quarter of the year. We look forward to finalizing MREIT’s next set of acquisitions soon.” When the new properties being eyed by MREIT is concluded, the company’s portfolio will grow to around 475,500 sqm, higher by 46 percent compared to the current 325,000 sqm and will bring MREIT closer to its target of 500,000 sqm of assets under management by end-2024. Since its IPO in 2021, the company has already injected eight office buildings into its portfolio and grew its value by 25 percent to P62 billion, following the two sets of previous acquisitions. To date, MREIT’s portfolio covers 18 office properties in four Megaworld premier townships: Eastwood City, McKinley Hill, Iloilo Business Park, and McKinley West.
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