7h ago
Andrew Tan-controlled Megaworld to sell 27 billion pesos ($437 million) in properties to MREIT
Philippine developer Megaworld is selling a 27 billion-peso ($437 million) commercial property portfolio to its REIT arm, MREIT, including Eastwood Mall and the Holiday Inn Express Manila Newport City. The deal would lift MREIT’s assets under management to 122 billion pesos and expand its total floor area to 950,000 square meters. After the acquisition, offices are expected to make up about 77% of MREIT’s portfolio, up from roughly 95% currently. The property-for-share swap still requires approval from the Securities and Exchange Commission.
7h ago