The real estate investment trust (REIT) unit of township developer Megaworld will see its portfolio expand to P78.5 billion this year with the infusion of P20 billion worth of office assets.
MREIT president Kevin Tan said these properties, which will come from various Megaworld townships across the country, have a multinational tenant base which include large financial, healthcare, technology and consulting firms.
“MREIT is looking to surpass its target for 2022 in terms of asset injection…We earlier announced an additional 44,300 square meters by end of the year, but we are working to further bulk it up with more assets as we continuously look for ways to increase dividend yields for our shareholders,” said Tan.
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The company ended 2021 with a total of 14 prime, grade A buildings with a total gross leasable area of 280,000 sqm located in PEZA-accredited zones in the sponsor’s townships of Eastwood City, McKinley Hill and Iloilo Business Park.
“We are currently looking at several properties for potential acquisition, not just in these three townships but also in two more new Megaworld townships. We are very optimistic of our very long growth runway considering that Megaworld is building more offices and even launched new townships last year,” said Tan.
MREIT aims to have a portfolio GLA of 500,000 sqm by 2024 and double by the end of the decade. This is in line with its goal to be one of the largest REITs in Southeast Asia.