MEGAWORLD Corp. said it has sold 70 million shares in its real estate investment trust, MREIT, Inc., at P13.50 apiece via a block sale last Friday.
The company on Monday said that it raised P945 million before deduction for fees and taxes, and that settlement of the transaction had been for March 10.
Megaworld said it would submit a reinvestment plan detailing how the proceeds from the block sale will be used, in compliance with REIT regulations.
BDO Securities served as the broker for the transaction.
MREIT’s property portfolio consists of 24 mixed-use buildings located in Taguig City, Quezon City, Iloilo City, and Davao City leased out to various entities as office, retail and hotel. These properties stand on land leased from the sponsor for an aggregate period of 50 years.
Megaworld shares dropped P0.13, or 5.96 percent, to close at P2.05 each on Monday, while those of MREIT also fell P0.40, or 2.84 percent, to P13.66 apiece.
