MREIT plans to acquire mall, retail assets from Megaworld

MREIT Inc. is planning to acquire mall and retail assets from its sponsor, Megaworld, to expand its portfolio and tap into the growing consumer spending in the Philippines.

This strategic move aims to diversify MREIT's current portfolio, which is predominantly composed of office assets.

The infusion of mall assets is expected to complement MREIT's existing high-occupancy office buildings and capitalize on the strong momentum in mall leasing.

MREIT chairman Kevin Tan stated that the goal is to diversify the portfolio and expand the revenue base, making it resilient and relevant for the future.

Megaworld possesses a substantial portfolio of income-generating assets, including approximately one million square meters of office GLA and 500,000 square meters of retail GLA that can potentially be infused into MREIT.

This extensive pipeline offers flexibility and highlights MREIT's long-term growth potential as it works towards its target of one million square meters of gross leasable area by 2027.