Megaworld's MREIT share sale raises over P1.1 billion

Megaworld Corp. has sold 84.8 million common shares in real estate investment trust company MREIT Inc. for P1.17 billion.

The shares were sold at P13.82 apiece, representing a 2.53-percent discount to MREIT's closing price of P14.18 Friday when the deal closed.

The shares will be crossed on the Philippine Stock Exchange on July 29, 2025, the company said in a disclosure.

Megaworld said it would submit a reinvestment plan outlining how the proceeds would be used, as required under real estate investment trust (REIT) regulations.

Maybank Securities Inc. and BDO Securities acted as brokers for the transaction.

MREIT in October 2024 acquired six prime office properties worth P13.15 billion from Megaworld via a property-for-share swap deal.

MREIT's gross leasable area stands at 482,000 square meters. It aims to keep growing by expanding its gross leasable area by around 100,000 sq. m. every year, with a long-term goal of hitting 1 million sq. m. by 2030.

Its portfolio comprises 24 prime office properties located in five Megaworld premier townships: Eastwood City, McKinley Hill, McKinley West, Iloilo Business Park and Davao Park District.