MREIT set for early GLA goal

MREIT, Inc., the real estate investment trust of Megaworld Corp., is on track to hit 1 million square meters (sqm) of gross leasable area (GLA) by 2027 — three years ahead of schedule — through a capital raise and infusion of more prime assets.

The company said Tuesday that the Board has endorsed increasing authorized capital stock from P5 billion to P8 billion and issuing up to 1.36 billion primary common shares, subject to stockholders’ approval. 

The shares will be issued in exchange for cash and/or properties to expand income-generating assets.

“When we envisioned MREIT, our goal was to build a REIT that would grow faster and deliver more value than the market expected. Accelerating our 1 million square meters GLA target to 2027 aligns with that vision, especially amid a more accommodative global rate environment,” MREIT Chairman Kevin L. Tan said.

“Soon, Megaworld will have close to 1.7 million square meters of office GLA and close to 700,000 square meters of mall GLA, giving MREIT unparalleled access to a deep pipeline of prime assets,” he added. 

In the first half of the year, MREIT’s distributable income grew 26 percent to P1.86 billion, driven by six newly acquired office properties in 2024, rental escalations, and resilient occupancy. 

Megaworld targets 2 million sqm of office GLA and 1 million sqm of retail GLA by 2030. 

MREIT’s portfolio covers 24 office properties in Eastwood City, McKinley Hill, McKinley West, Iloilo Business Park, and Davao Park District.