MREIT Inc. is set to get additional assets worth P20 billion this year from its mother company, Megaworld Corp., increasing its portfolio value by 34 percent to P78.5 billion from the current P58.5 billion.
“These properties will come from various Megaworld townships across the country,” MREIT said in a statement.
“MREIT is looking to surpass its target for 2022 in terms of asset injection. These new assets may include some of our ‘built-to-suit’ properties, which are considered superior in both quality and lease tenure. These new properties have a multinational tenant base, which include large financial, healthcare, technology, and consulting firms. We earlier announced an additional 44,300 square meters (sq.m.) by end of the year, but we are working to further bulk it up with more assets as we continuously look for ways to increase dividend yields for our shareholders,” said Kevin Tan, MREIT president.
In December last year, MREIT completed the acquisition of four commercial properties with a total gross leasable area (GLA) of 55,700 sq.m. worth P9.1 billion.
“By the end of 2021, MREIT’s expanded portfolio already consisted of 14 prime, grade A buildings with a total GLA of around 280,000 square meters located in Philippine Economic Zone Authority-accredited zones in the sponsor’s townships of Eastwood City, McKinley Hill and Iloilo Business Park,” the company said.
