MREIT, Inc., the actual estate investment trust (REIT) arm of listed Megaworld Corp., is about to accumulate P16.22 billion value of nine Grade A office buildings through a property-for-share swap transaction.
The infusion will add 165,477 square meters (sq.m.) of gross leasable area (GLA) to MREIT’s portfolio, bringing its total office GLA to 646,891 sq.m., the corporate told the stock exchange on Thursday.
“This latest infusion reflects MREIT’s continued give attention to scaling up with high-quality, income-generating assets in prime locations,” MREIT President and Chief Executive Officer Jose Arnulfo C. Batac said.
The assets covered within the transaction are Science Hub Towers 1, 3 and 4; 8 Campus Place Buildings A, B and C; One Campus Place Buildings A and B; and the South East Asian Campus (SEAC), all situated inside McKinley Hill in Taguig City.
All of the properties are Grade A office buildings situated in Philippine Economic Zone Authority (PEZA)-registered zones. — Beatriz Marie D. Cruz