Philstar
Megaworld sells P2.24-B block of MREIT at 4.5% discount to market
Property developer Megaworld Corp. raised P2.24 billion through a block sale of its shares in MREIT Inc. to increase public ownership and accommodate future asset infusions.
The block sale involved 168.63 million common shares of MREIT Inc. at P13.28 per share, which was 4.46% below MREIT's previous closing price.
The transaction, expected to settle on September 19, 2025, will raise MREIT's public ownership level to 40 percent, surpassing the 33% minimum requirement.
The REIT is targeting 1 million square meters of gross leasable area by 2027, three years ahead of schedule.
To support this growth, MREIT is seeking to increase its authorized capital stock from P5 billion to P8 billion and issue up to 1.36 billion primary common shares in exchange for cash and/or property.
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