Megaworld’s MREIT gets SEC approval for P16.2-B asset infusion
MREIT, Inc., the real estate investment trust of Megaworld Corp., has secured regulatory approval ahead of schedule for its fourth wave of asset acquisitions. This allows the firm to proceed with a major expansion of its office portfolio.
In a disclosure on Thursday, MREIT said the Securities and Exchange Commission cleared its Wave 4 property-for-share swap transaction. This paves the way for the acquisition of nine Grade A office buildings in McKinley Hill, Taguig.
The transaction, valued at about P16.2 billion, covers assets with a combined gross leasable area (GLA) of roughly 165,500 square meters (sq m).
This will be done through a property-for-share swap amounting to P16.03 billion. The remaining P187.5 million will be settled in cash.
MREIT said the approval came earlier than expected and enables the company to accelerate its expansion plans.
The assets will also contribute to income retroactively from Jan. 1 this year, allowing investors to benefit immediately from the acquisition.
The buildings are backed by multinational tenants and posted a 97-percent occupancy rate as of end-2025.
More than 80 percent of the portfolio is leased to global capability center tenants, which typically have long-term mandates and lower relocation risk.
Once completed, the deal will expand MREIT’s total GLA by about 34 percent to around 647,000 sq m, further strengthening the stability of its tenant base.
MREIT chair Kevin Tan said the approval marks a key milestone in the company’s growth strategy.
Tan noted that Wave 4 is designed to scale the platform while maintaining a “disciplined and accretive expansion.”
The transaction, first announced in December 2025, was priced at a 15-percent premium to MREIT’s 30-day volume-weighted average price. This is a structure that the company said minimizes dilution and supports dividend growth.
Looking ahead, MREIT is preparing for Wave 5, which will mark its initial move into retail assets. This will start with selected mall properties targeted for the second half of the year, subject to regulatory approvals.
This next phase is expected to bring the company’s portfolio to about 750,000 sq m of GLA. The firm is on track toward its goal of one million sq m by 2027.
