MREIT Inc. is acquiring P16.22 billion worth of office assets from its parent firm Megaworld Corp. through a share-for-property swap, the company said in a disclosure to the stock exchange Thursday.
The board of MREIT approved the acquisition of 9 Grade A office buildings located in PEZA-registered zones within McKinley Hill in Taguig City. The assets include Science Hub Towers 1, 3 and 4; 8 Campus Place Buildings A, B and C; One Campus Place Buildings A and B; and the South East Asian Campus.
The transaction will add 165,477 square meters of gross leasable area to the portfolio of MREIT, bringing its total office GLA to 646,891 square meters upon completion. The current GLA of the company stands at 482,000 square meters.
“This latest infusion reflects MREIT’s continued focus on scaling up with high-quality, income-generating assets in prime locations,” MREIT Inc. president and chief executive Jose Arnulfo Batac said.
Batac said these assets strengthen portfolio quality and support the objective of delivering stable returns to shareholders.
Several properties, including 8 Campus Place Buildings A and B and the South East Asian Campus, are LEED-certified.
MREIT said it plans to pursue another round of asset infusions in 2026, which could raise its portfolio to about 750,000 square meters of GLA. The next tranche is expected to include select mall assets.
The planned infusions form part of a growth strategy to expand the portfolio with premium office assets and lifestyle malls, supporting a long-term target of reaching 1 million square meters of GLA by 2027.
Megaworld holds a portfolio of income-generating assets, including about 1 million square meters of office space and 500,000 square meters of retail space.
In October, MREIT increased its authorized capital stock to P8 billion from P5 billion to fund the acquisition of more income-generating assets.
