Taguig City, Philippines – MREIT, Inc., the real estate investment trust of Megaworld Corporation, has secured approval from the Securities and Exchange Commission for its ₱16.2-billion Wave 4 asset acquisition, involving nine Grade A office buildings in McKinley Hill, Taguig.
The approval, received earlier than expected, allows the company to proceed with the property-for-share swap transaction covering assets with a combined gross leasable area (GLA) of approximately 165,500 square meters. The deal consists of ₱16.03 billion in shares and ₱187.5 million in cash.
“These assets mark another important milestone in MREIT’s growth journey,” said Kevin L. Tan, chairman of MREIT. “Wave 4 represents a key step in scaling the platform while maintaining disciplined and accretive expansion.”
High-Quality Tenant Base
The properties are backed by multinational tenants and posted a 97% occupancy rate as of end-2025. More than 80% of the portfolio is leased to Global Capability Center (GCC) occupiers, known for long-term contracts and lower relocation risk.
Portfolio Expansion and Growth Trajectory
Following the acquisition, MREIT’s total GLA will increase by about 34% to roughly 647,000 square meters. The newly acquired assets will contribute to revenues retroactively from January 1, providing an immediate boost to earnings.
The transaction was executed at a 15% premium to MREIT’s 30-day volume-weighted average price, minimizing dilution while supporting potential dividend growth.
Wave 5 and Future Plans
MREIT is also preparing for its next phase of expansion, Wave 5, which is expected to introduce retail assets, including mall properties, in the second half of the year.
The planned acquisitions could expand the company’s portfolio to around 750,000 square meters, moving closer to its target of one million square meters by 2027.
The REIT’s growth pipeline is supported by Megaworld’s portfolio of stabilized assets and the broader property base of Alliance Global Group.
