Megaword raises P1.32B from new MREIT share sale

Andrew Tan-led Megaworld Corp. has raised fresh funds after selling 98 million more common shares in its real estate investment trust arm MREIT Inc. in a transaction valued at P1.32 billion.

In a disclosure Monday, Megaworld said the shares had been sold on Dec. 19 at P13.50 per share through a block sale.

The transaction is scheduled to be settled on Dec. 23, in line with standard market practice.

Following settlement, the company said it would submit the required reinvestment plan detailing how proceeds from the share sale would be deployed, as mandated under regulations governing property developers and MREIT sponsors.

Megaworld did not provide specific details on the allocation of the funds.

The block sale was facilitated by Aurora Securities and BDO Securities, which acted as brokers for the transaction.

Megaworld is the sponsor of MREIT, which is focused on office assets located at Megaworld townships.

As a sponsor, the company is required to reinvest proceeds from share sales into income-generating real estate or related development projects, a mechanism designed to support growth while protecting investors.

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The latest transaction comes as Megaworld continues to manage its capital structure and funding requirements amid ongoing investments across its portfolio of office, residential, commercial and township developments.

The group has historically tapped capital markets to recycle funds, support balance sheet flexibility and bankroll new projects without significantly increasing leverage.

Megaworld remains one of the country’s largest township developers, with a nationwide footprint spanning Metro Manila, Luzon, Visayas and Mindanao.