News & Media

MREIT, Inc., the REIT company of the country’s largest office landlord Megaworld Corporation, announced that it will acquire six office properties with a total value of P13.15-billion. Upon the approval of the Securities and Exchange Commission (SEC), the acquisition will increase MREIT’s portfolio by 157,000 sqm or by 48% to 482,000 sqm.

The acquisition includes Two West Campus, Ten West Campus, and One Le Grand in McKinley West; One Fintech and Two Fintech in Iloilo Business Park; and Davao Finance Center in Davao Park District.

The properties will be exchanged for 926,162,000 MREIT primary shares at a share price of P14.20 per share, representing a premium of 10% over MREIT’s closing price of P12.94 per share on May 10, 2024. The purchase price of the properties is based on appraisal reports and validated by a third-party fairness opinion, which were presented to and approved by the company’s RPT Committee and Board of Directors.

“The acquisition of these properties moves us closer to our target portfolio of 500,000 sqm by the end of 2024. This transaction not only supports the sustained growth of MREIT but is also dividend accretive to our shareholders. We are immediately working on the next set of acquisitions to reach our target assets under management before the year concludes,” says Kevin L. Tan, president and chief executive officer, MREIT, Inc.

Meanwhile, MREIT declared cash dividends of P0.2460 per share to its shareholders based on its distributable income in the first quarter 2024. The dividends will be payable on June 14, 2024 to shareholders on record as of May 24, 2024. Annualized, this brings MREIT’s dividend yield to 7.6%, as of the closing share price of P12.94 per share on May 10, 2024.

To date, MREIT’s portfolio covers 18 office properties located in four Megaworld premier townships: 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.