Megaworld's REIT says to acquire P20 billion worth of new assets in 2022

ABS-CBN News

Posted at Jan 27 2022 10:00 AM

MANILA - Megaworld's real estate investment trust MREIT on Thursday said it would acquire more office assets worth P20 billion in 2022.

The additional infusions will increase its portfolio value by 34 percent to P78.5 billion from the current P58.5 billion by the end of the year, MREIT said in a disclosure to the stock exchange. 

Targeted properties will come from various Megaworld developments across the country, it said. 

“We believe that the current business conditions are conducive to the attainment of our growth plans... We are very optimistic of our very long growth runway considering that Megaworld is building more offices and even launched new townships last year,” MREIT president and CEO Kevin Tan said. 

By the end of 2021, MREITs' portfolio includes 14 buildings with a total gross leasable area (GRA) of about 280,000 sqm, it said.

MREIT earlier said it aims to become the fastest-growing REITS in Southeast Asia in terms of floor space. 

Several other REITs companies listed in the Philippine Stock Exchange in 2021 following the successful debut of Ayala Land's AREIT and DoubleDragon's DDMP.

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