MREIT to acquire P16.22-B office towers in Taguig City via share swap

MREIT, Inc., the real estate investment trust (REIT) arm of listed Megaworld Corp., is set to acquire P16.22 billion worth 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 company told the stock exchange on Thursday.

“This latest infusion reflects MREIT’s continued focus on 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 in 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 located within McKinley Hill in Taguig City.

All the properties are Grade A office buildings located in Philippine Economic Zone Authority (PEZA)-registered zones. — Beatriz Marie D. Cruz