MREIT, Inc., the real estate investment trust of township developer Megaworld Corporation, has successfully listed its shares at the Philippine Stock Exchange.

PSE data shows that MREIT’s share price closed at P16.70 per share, up P0.60 or 3.73 percent from its initial public offering price of P16.10 apiece. It peaked at P17.16 intraday.


Megaworld is raising up to P15.3 billion with its offering of 844.3 million MREIT shares and 105.54 million shares for the overallotment option.

After its listing, MRETI is now planning to strengthen its assets portfolio when Megaworld injects additional office and commercial assets from another premier township, Uptown Bonifacio, within the next two years.

MREIT President Kevin L. Tan

MREIT President and CEO Kevin Andrew L. Tan revealed that after Megaworld injects around 100,000 square meters of prime office assets from Eastwood City, McKinley Hill, and Iloilo Business Park by end of 2022, the sponsor company will also be injecting some of its prime office and commercial assets in Uptown Bonifacio into MREIT by 2023.

This year alone, Uptown Bonifacio has close to 331,300 square meters of completed office and commercial projects. Another 70,000 square meters of prime office spaces are set to be completed in three years.

“These prime office and commercial assets can be potentially injected into MREIT. With BGC having the highest office rental rates among major business districts in the country, these fresh assets can truly bulk up MREIT’s portfolio, increase its rental revenues, and of course, grow the distribution yields for our investors,” said Tan.

MREIT’s initial portfolio consists of 10 prime office buildings covering around 224,431 square meters in Eastwood City, McKinley Hill, and Iloilo Business Park – three of the 27 townships developed by Megaworld.

These township locations have been popular among the biggest BPO companies operating in the Philippines.

“So far, we have poured in an estimated 150-billion pesos into these three townships in over a decade that has translated into more than 130,000 jobs in IT and BPO, retail, hotel and tourism, construction, and in various industries that form part of our townships,” said Tan during MREIT’s Listing Ceremony at the PSE.

Uptown Bonifacio’s office properties, likewise, are home to some of the biggest names in the IT and BPO industries. Four of its office towers in this township are directly connected to the podium of Uptown Mall.

A new tower, Worldwide Plaza, will be the future headquarters of the Philippine Global Service Center of JPMorgan Chase Bank, N.A., the leading global banking and financial services provider.

“Once all of the seven office towers in Uptown Bonifacio are completed, the township will have the biggest office portfolio among our 27 township developments. We look forward to having some of these assets become part of MREIT,” added Tan.

MREIT’s landmark listing at the PSE marks the last Philippine REIT to be listed at the local bourse this year.

“Today, we witness yet another affirmation of the power of REITs in mobilizing funds for our economy’s development and opening doors for small investors to participate in the capital market,” said Finance Secretary Carlos Dominguez.

He noted that, “Megaworld REIT promises to be the country’s fastest-growing REIT. I am optimistic that the company can achieve this given its unmatched track record in property development. Its credible reputation provides Megaworld a strong springboard for this public offering.”

Source: Manila Bulletin (