The Megaworld-backed real estate investment trust expects to complete the transaction, dubbed internally as Wave 5, in the second half of 2026, expanding its portfolio by 47 percent to about 950,000 square meters.
“We are on track to reach at least one million square meters of gross leasable area by next year, which is three years ahead of our original plan,” MREIT chair Kevin Tan said during Megaworld’s annual stockholders’ meeting on Friday.
Beyond offices
Wave 5, which is expected to boost dividend payouts, will add 12 properties spanning about 303,500 square meters, including malls and a hotel that will enter the REIT’s portfolio for the first time.
The deal marks MREIT’s transition from a near pure-office REIT into a diversified landlord with exposure to retail, office and hospitality assets.
Included in the acquisition are Eastwood Mall, Venice Mall, Lucky Chinatown Mall, Festive Walk Mall in Iloilo, Southwoods Mall in Laguna and Holiday Inn Express Manila in Newport City.
Dividends remain the draw
Management said the transaction is structured to immediately increase dividends per share while extending the portfolio’s weighted average lease expiry to 5.8 years from 3.1 years.
Once completed, office assets will account for about 77 percent of the portfolio, down from more than 95 percent today, with retail and hospitality making up the balance.
—Edited by Miguel R. Camus
