MREIT Inc., the real estate investment trust of Megaworld Corp., will likely deliver stronger growth this year as it maintains high occupancy rates, Maybank Investment Banking Group said Friday.
The firm said the improvement was the result of significant contributions from the four newly acquired grade-A office towers with an aggregate value of P5.3 billion.
REAL estate developer Megaworld Corp. has completed the sale of 279.4 million common shares in its real estate investment trust, MREIT Inc., through a block sale.
MREIT Inc., the real estate investment trust of Megaworld Corp., is aiming to expand its gross leasable area by 100,000 square meters by the end of the year.
Andrew Tan-led MREIT Inc. reported a net income of P730.4 million in the first quarter of the year, up by 6.2 percent from the P687 million recorded a year ago.
MREIT Inc., the Andrew Tan-led real estate investment trust, reported a distributable income of P2.5 billion last year, more than double the P1.1 billion recorded in 2021.
MREIT, the real estate investment trust vehicle of Andrew Tan-led Megaworld, will acquire P5.3 billion worth of prime office properties in PEZA-accredited zones, raising its portfolio value to P65 billion.