MREIT Inc., the real estate investment trust (REIT) of Andrew Tan-led Megaworld Corp., is aiming to grow big enough to join AREIT Inc. in the Philippine Stock Exchange (PSE) benchmark index’s basket of 30 companies within the next two to three years.

During the PSE’s Strength Access and Reach (STAR) Investor Day last week, Megaworld and MREIT Head of Investor Relations Andy de la Cruz Jr. said “the goal is really to be included in the Philippine Stock Exchange index (PSEi), the path toward that is very clear.”

To achieve this, Megaworld will just have to continue infusing more assets into MREIT.

“It’s just following our infusion after infusion. We are hoping, in the next two, maybe three years, our market cap is big enough for us to automatically be included in the index.”

Dela Cruz explained that the firm would have to rank among the top 25 companies in terms of market capitalization to be able to displace another stock from the top 30 index.

“We’re on our way there. We believe we have the assets down the line. Aside from wave-five [asset infusion], we still have waves six, seven, eight, nine, and so on and so on,” he said.

Meanwhile, he noted that investors are still waiting for major developers to finally inject their crown jewel properties into their REITs and, in the case of Megaworld, these consist of its Uptown Bonifacio office properties.

These properties have occupancy levels in the high 90- to 100-percent range, with positive rental reversions and strong lease renewals. Its tenants include JP Morgan, which operates the largest global capability center (GCC) in the Philippines.

“I think having that crown jewel as an anchor from Megaworld also coming into MREIT down the road will help us unlock our value and move our market cap meaningfully higher, aside from those assets being very, very high value, single buildings can be worth ₱10 billion each. So these assets easily can make our way easier towards being included in the PSEi,” said Dela Cruz.

MREIT currently has a portfolio of 647,000 square meters (sqm) of office space following its wave-four infusion. Wave five is targeted for the second half of 2026 and will bring the portfolio to at least 750,000 sqm.

Wave five is expected to include more mall assets as part of its diversification beyond pure office into lifestyle and retail to broaden its income base.

This reduces MREIT’s concentration risk and gives investors exposure to Megaworld’s mall business, which has been posting record-high occupancy of 95 percent and strong annual foot traffic growth.

“Beyond wave five, we remain on track for at least one million sqm of GLA [gross leasable area] by 2027, that is three years ahead of our original plan of reaching one million sqm by 2030,” said Dela Cruz.

Megaworld still has almost one million sqm of stabilized office assets, with about 90,000 sqm more in the pipeline available for future infusions.

For retail, MREIT currently holds just 26,000 sqm, but Megaworld has about 490,000 sqm of mall space with another 160,000 sqm in the pipeline. This is the reservoir for wave five that MREIT will start tapping into.

Meanwhile, MREIT currently has 149 hotel room keys, while Megaworld and its affiliates in Alliance Global Group Inc. (AGI) have over 3,600 keys that could also potentially be structured for infusion into MREIT through fixed lease agreements.