MREIT to hit 1M sq m assets by 2027
The real estate investment trust (REIT) arm of developer Megaworld Corp. has sped up its goal of reaching 1 million square meters (sq m) of gross leasable area (GLA) by three years following a strong first half.
MREIT Inc. on Tuesday said it was aiming to reach its GLA target by 2027, from its original plan of 2030.
MREIT chair Kevin Tan said accelerating their target was in line with their vision of building a REIT “that would grow faster and deliver more value than the market expected.”
In speeding up their asset infusion goal, MREIT said it would boost its earnings base, dividend-paying capacity and market presence.
MREIT’s board of directors also moved to increase its authorized capital stock to P8 billion and approved the issuance and listing of up to 1.36 billion primary common shares in exchange for cash and/or properties.
These are still subject to shareholder approval during their annual stockholders meeting on Sept. 29.
