Megaworld Corp. has finalized the infusion of ₱16.22 billion worth of office assets at McKinley Hill in Taguig City into its real estate investment trust (REIT), MREIT Inc., through its latest batch of property-for-share swaps.

The firms disclosed to the Philippine Stock Exchange (PSE) that their boards of directors have approved the infusion of nine Megaworld grade A office buildings into MREIT through a property-for-share swap transaction.

The assets to be infused—Science Hub towers 1, 3, and 4; 8 Campus Place buildings A, B, and C; One Campus Place buildings A and B; and South East Asian Campus (SEAC)—are all grade A office properties located within Philippine Economic Zone Authority (PEZA)-registered zones at McKinley Hill, one of Metro Manila’s established business districts.

Several of these assets, including 8 Campus Place buildings A and B and SEAC, are Leadership in Energy and Environmental Design (LEED)-certified, underscoring their alignment with internationally recognized sustainability standards.

The infusion will add 165,477 square meters (sqm) of gross leasable area (GLA) to MREIT’s portfolio, bringing its total office GLA to 646,891 sqm upon completion.

“This latest infusion reflects MREIT’s continued focus on scaling up with high-quality, income-generating assets in prime locations,” said MREIT President and Chief Executive Officer (CEO) Jose Arnulfo Batac.

He added that, “These assets further strengthen portfolio quality and support our objective of delivering stable and sustainable returns to our shareholders.”

Following this transaction, MREIT intends to pursue another round of asset infusions in 2026, which is expected to increase its portfolio to approximately 750,000 sqm of GLA.

As previously disclosed, the next tranche is expected to include select mall assets, further diversifying MREIT’s income base.

These planned infusions form part of MREIT’s growth strategy to expand its portfolio with premium office assets and lifestyle malls, supporting its long-term target of one million sqm of GLA by 2027.

The swap called for Megaworld’s subscription to 996.87 million shares in MREIT, with payment made through the transfer of nine grade A office buildings plus a cash payment of ₱187.5 million.

Megaworld will assign to MREIT existing leases over portions of the properties leased to third parties, including the rights and obligations under the leases, such as the right to receive and collect rentals, taxes, utilities, association dues, other assessments, and security deposits.