Megaworld raises P945M from MREIT share sale
Property developer Megaworld Corp. has sold a portion of its holdings in its real estate investment trust (REIT) through a block sale transaction valued at about P945 million.
In a regulatory filing on Monday, the Andrew Tan-led property giant said it sold 70 million common shares of MREIT at P13.50 per share, generating P945 million in gross proceeds before fees and taxes.
The shares were disposed of through a block sale transaction, a method typically used by large shareholders to sell significant stakes in a single negotiated deal outside the regular market. According to the disclosure, BDO Securities acted as broker for the transaction.
Megaworld said the proceeds from the sale would be settled on March 10. The company added that it would submit a reinvestment plan outlining how the funds from the transaction would be used.
MREIT holds a portfolio of office properties primarily located in Megaworld townships.
The REIT structure allows property developers to monetize income-generating assets, while recycling capital into new developments.
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