MREIT’s P16.2B asset infusion OK’d

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 enabled the company to accelerate its expansion plans.