The sale was purchased by a “reputable, long-term institutional investor”, the company said in a stock exchange filing on Friday.
Megaworld will utilize the proceeds to fund its developmental projects, expanding MREIT’s investment opportunities.
Post-transaction, the developer retains a 54.2 percent majority stake in MREIT and continues its role as the principal sponsor.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
