MREIT Inc., the real estate investment trust of Megaworld Corp., on Thursday said the Securities and Exchange Commission (SEC) had approved the infusion of nine office properties from its sponsor in an asset swap deal valued at roughly P16.2 billion.
In a statement, MREIT said the approval also came ahead of schedule and would allow it to move forward with the next phase of its portfolio expansion strategy.
Under the Wave 4 transaction, nine Grade A office buildings with a combined gross leasable area (GLA) of about 165,500 square meters, located within Megaworld’s McKinley Hill township in Taguig City, will be acquired by MREIT.
“The transaction will be carried out through a property-for-share swap amounting to P16.029 billion, with the remaining balance of P187.5 million in cash,” the company said.
MREIT said the assets were 97-percent occupied as of end-2025, with more than 80 percent of tenants comprising global capability centers that typically have long-term leases and lower relocation risk.
Once completed, the transaction is expected to increase the company’s GLA by about 34 percent to around 647,000 square meters, further strengthening its portfolio scale and tenant base.
It said investors would also immediately benefit as the assets would contribute to income retroactively from Jan. 1 of this year.
“This approval marks another important milestone in MREIT’s growth journey,” MREIT chairman Kevin Tan said.
“Wave 4 represents a key step in scaling the platform while maintaining our focus on disciplined and accretive expansion,” he added.
The company said it was now preparing for its next round of asset infusions, with Wave 5 expected to introduce retail properties into its portfolio as part of its diversification strategy.
MREIT shares on Thursday slipped P0.14, or 1.03 percent, to close at P13.50 each while those of parent firm Megaworld rose by a centavo, or 0.47 percent, to P2.14 per share.