MREIT Inc. is finalizing the acquisition of four grade A, Philippine Economic Zone Authority-accredited properties – Two Techno Place, Three Techno Place, and One Global Center in Iloilo Business Park and World Finance Plaza in McKinley Hill in Fort Bonifacio, Taguig.
The four prime office properties have a combined gross leasable area (GLA) of 55,700 square meters (sq.m.) and have an average occupancy rate of 99 percent.
The acquisitions are eyed by December of this year.
“Once completed, the infusion will increase MREIT’s portfolio GLA by 25 percent from 224,431 sq.m. to 280,131 sq.m.. Additionally, MREIT’s management will ensure that the acquisition will be closed under such terms that will result in enhanced value for its shareholders,” it added.
The company revealed its plan to infuse around 100,000 sq.m. additional office GLA, equivalent to roughly 45 percent of the company’s total portfolio, before the end of 2022.
This transaction represents the first wave of acquisitions to meet this target.
Kevin Andrew Tan, MREIT president, the properties benefit from a very stable tenant base which are primarily composed of business process outsourcing. – Ruelle Castro
