MANILA (UPDATE) - Megaworld's real estate investment trust MREIT listed on the Philippine Stock Exchange Friday, aiming to become the fastest growing in the country and among the largest in Southeast Asia.
Simultaneous bell-ringing ceremonies were held in 4 different locations including the PSE trading floor in Taguig as well as in Eastwood City, McKinley Hill, and at the Iloilo Business Park, which are sponsor Megaworld's top township projects.
“That’s (REITs) always been in our horizon. It’s a way for us to allow investments into our office business and allow investments as well to our very thriving township business,” MREIT president Kevin Tan said.
"We believe MREIT opens up unique investment opportunities for both institutional and local retail investors, after all REITs are meant to democratize investments," Tan said.
MREIT aims to become the fastest-growing real estate investment trust in the Philippines and among the largest in Southeast Asia in terms of floor space, he said.
Its properties are accredited by the Philippine Economic Zone Authority, giving the company assurance of secure and stable long-term growth, it said.
MREIT earlier said the final number of offer shares is 844,300,000 with up to 105,537,500 option shares.
Its initial portfolio consists of 10 prime office buildings covering around 224,431 square meters, it said.
Local small investors from 46 provinces, 13 countries and 2 territories invested in MREITs due to its attractive projected dividend yield, PSE president Ramon Monzon said.
"There are 5 REIT listings in less than 2 years and in the middle of a pandemic at that. There is a proven appetite for this new asset calls," Monzon said.
Its offering is "instrumental" in "efficient capital recycling" wherein proceeds are reinvested in other developments, fuelling the economy and generating more jobs, he said.
Collectively, all REITs companies in the country have raised P100 billion which are reinvested in infrastructure and other projects, Megaworld Chairman Andrew Tan said.
"This is much needed by the economy especially in the face of this pandemic," he said.
Aside from Megaworld, Ayala Land's AREIT, DoubleDragon's DDMP, Filinvest Land's FILREIT and Robinsons Land Corp's RL Commercial REIT have also been listed in the main index of the PSE.