MREIT Inc. said it is now in discussion with its mother company, Megaworld Corp., for a new round of asset infusion worth P15 billion, in line with its goal on its P20-billion acquisition plan for 2022.
Last month, MREIT received P5.3 billion worth of assets from Megaworld through a property for share swap.
“For our next infusion, we are already considering properties from townships in key growth areas outside of Metro Manila where MREIT does not have a presence yet. This will further diversify our portfolio and allow us to tap into other growth centers around the country,” said Kevin Tan, MREIT president.
Tan said MREIT is committed to maximizing shareholder value by increasing revenue generation from existing portfolio, improving operational efficiency and accelerating its acquisition plans.
“In line with our vision, we prepared a roadmap that calls for the expansion of MREIT’s property portfolio to 1 million square meters before the end of the decade. Given our access to Megaworld’s extensive office portfolio amounting to 1.4 million square meters, we believe that this is achievable,” he said.
MREIT started its expansion drive shortly after it listed in October last year, when it acquired four properties before the year-end for P9.1 billion.
“As a result of this acquisition, the company is now looking at declaring dividends equivalent to P1.00 per share in 2022, which is 6 percent higher than originally contemplated in the REIT plan,” MREIT said.
Once the pending acquisitions are completed, MREIT said its portfolio will cover 18 office properties in four Megaworld premier townships.
These are 1800 Eastwood Avenue, 1880 Eastwood Avenue and E-Commerce Plaza in Eastwood City; One World Square, Two World Square, Three World Square, 8/10 Upper McKinley, 18/20 Upper McKinley and World Finance Plaza in McKinley Hill; One Techno Place, Two Techno Place, Three Techno Place, One Global Center, Two Global Center, Festive Walk 1B and Richmonde Tower in Iloilo Business Park; and One West Campus and Five West Campus in McKinley West.
