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Manila Bulletin devider Business devider The Stock Market devider MREIT buying P13-B office assets from Megaworld

MREIT buying P13-B office assets from Megaworld

Published May 12, 2024 01:24 pm

MREIT, Inc., the real estate investment trust of the country’s largest office landlord Megaworld Corporation, is acquiring six office properties with a total value of P13.15 billion. 

In a statement, MREIT said that, upon the approval of the Securities and Exchange Commission (SEC), the acquisition will increase MREIT’s portfolio by 48 percent or 157,000 square meters to 482,000 sqm.

MREIT sets final IPO price at P16.10/share
MREIT President and CEO Kevin L. Tan

To be acquired from its sponsor Megaworld are: Two West Campus, Ten West Campus, and One Le Grand in McKinley West; One Fintech and Two Fintech in Iloilo Business Park; and Davao Finance Center in Davao Park District.

The properties will be exchanged for 926.16 million MREIT secondary shares at P14.20 per share, representing a premium of 10 percent over MREIT’s closing price of P12.94 per share on May 10, 2024. 

MREIT said the purchase price of the properties is based on appraisal reports and validated by a third-party fairness opinion, which were presented to and approved by the company’s RPT Committee and Board of Directors.

“The acquisition of these properties moves us closer to our target portfolio of 500,000 sqm by the end of 2024,” said MREIT President and CEO Kevin L. Tan.
He added that, “This transaction not only supports the sustained growth of MREIT but is also dividend accretive to our shareholders. 

“We are immediately working on the next set of acquisitions to reach our target assets under management before the year concludes.”

Meanwhile, MREIT declared cash dividends of P0.2460 per share to its shareholders based on its distributable income in the first quarter 2024. The dividends will be payable on June 14, 2024 to shareholders on record as of May 24, 2024. 

Annualized, this brings MREIT’s dividend yield to 7.6 percent, as of the closing share price of P12.94 per share on May 10, 2024.

To date, MREIT’s portfolio covers 18 office properties located in four Megaworld premier townships: Eastwood City, McKinley Hill, Iloilo Business Park, and McKinley West.
 

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MREIT Inc. Megaworld Corporation Kevin L. Tan
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