MREIT to acquire 7 Grade A office assets
MANILA, Philippines — MREIT Inc., the real estate investment trust (REIT) of Megaworld Corp., plans to acquire seven Grade A office assets from its sponsor.
The assets, which have a combined gross leasable area of around 150,500 square meters, include the 9,500 square meter Two West Campus and 36,400 sqm Ten West Campus in McKinley Hill; the 20,500 sqm Science Hub Tower 3 and 20,700 sqm Science Hub Tower 4 in McKinley West; the 18,200 sqm One Fintech Place and 18,100 sqm Two Fintech Place in Iloilo Business Park, and the 27,100 sqm Davao Finance Center in Davao Park District.
Last year, these assets generated P1.2 billion in rental income.
MREIT Inc. president and CEO Kevin Tan said the properties enjoy a high average occupancy rate of 94 percent and quality tenants, marking a significant step toward the company’s commitment to deliver sustained growth and value to its investors.
We look forward to finalizing MREIT’s next set of acquisitions soon,” he said.
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