MREIT, Inc. Announces Acquisition of Six Office Properties
May 13, 2024 at 05:58 am IST
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MREIT, Inc. announced that it will acquire six office properties with a total value of PHP 13.15 billion. Upon the approval of the Securities and Exchange Commission (SEC), the acquisition will increase MREIT's portfolio by 157,000 sqm or by 48% to 482,000 sqm. The acquisition includes Two West Campus, Ten West Campus, and One Le Grand in McKinley West; One Fintech and Two Fintech in Iloilo Business Park; and Davao Finance Center in Davao
Park District. The properties will be exchanged for 926,162,000 MREIT primary shares at a share price of P14.20 per share, representing a premium of 10% over MREIT's closing price of PHP 12.94 per share on May 10, 2024. The purchase price of the properties is based on appraisal reports and validated by a third-party fairness opinion, which were presented to and approved by the company's RPT Committee and Board of Directors.
MREIT, Inc. is a Philippines-based company, which operates as a real estate investment trust (REIT). The Company seeks to secure income growth and provide a competitive investment return to the investors through present and future portfolio. Its objectives are primarily to own and invest in income-producing commercial portfolio of office, retail, and hotel properties in the Philippines. The Companyâs investment properties include several buildings for mixed-use, which are being leased out as office, retail, and hotel, including the hotelâs parking spaces. The Company's properties include Eastwood City, Iloilo Business Park, and McKinley Hill. Iloilo Business Park is an integrated urban township in a 72-hectare property in the bustling district of Mandurriao, Iloilo City. McKinley Hill is an integrated urban township on 50 hectares of land inside Fort Bonifacio, a former military camp in Taguig City.
MREIT, INC. 
