MREIT Inc., the real estate investment trust company of Megaworld Corp., plans to expand its office leasing portfolio to 1 million square meters over the next five to 10 years.
The plan to aggressively grow its office assets is in line with the MREIT’s goal to become largest office REIT in Southeast Asia.
Megaworld said in a disclosure to the stock exchange it would infuse an additional 100,000 sq. m. of prime office assets in MREIT next year which would increase its portfolio to around 324,000 sq. m.
“We are committed to reaching half a million square meters by 2024, and are highly confident of our ability to reach 1 million square meters in the near future so that we can be the largest office REIT in Southeast Asia. Our goal is to put the Philippines and MREIT on the global REIT map because of the size and quality of our REIT portfolio and our world class tenant base,” MREIT president and chief executive Kevin Tan said.
“We believe we can easily achieve this because Megaworld already has 1.2 million square meters of existing office buildings and has a robust pipeline of new office development spread across 30 business parks across the country,” Tan said.