MREIT asset acquisitions cleared by SEC

MANILA, Philippines — MREIT Inc., the real estate investment trust company of property giant Megaworld Corp., is set to proceed with the acquisition of nine Grade A office buildings located in Taguig after securing regulatory approval for its Wave 4 property-for-share swap transaction.

MREIT said the approval from the Securities and Exchange Commission, which came ahead of its expected timeline, allows the company to move forward with the next phase of its portfolio expansion strategy.

“This approval marks another important milestone in MREIT’s growth journey. Wave 4 represents a key step in scaling the platform while maintaining our focus on disciplined and accretive expansion,” MREIT chairman Kevin Tan said.

Valued at P16.2 billion, the Wave 4 transaction involves the infusion of nine office buildings with a combined gross leasable area (GLA) of about 165,500 square meters, all located within Megaworld’s fully integrated McKinley Hill township.

The transaction will be carried out through a property-for-share swap amounting to P16.03 billion, with the remaining balance of P187.5 million in cash.

MREIT said the acquisition would significantly expand its portfolio, raising its GLA by about 34 percent to around 647,000 square meters, while further reinforcing the quality and stability of its tenant base.

It said investors would likewise immediately benefit from the acquisition, with the assets set to contribute to income retroactively from Jan. 1 of the year.

MREIT is also preparing for its next round of asset infusions, Wave 5, which is expected to begin the company’s diversification into retail properties, starting with several mall assets targeted by the second half.