MREIT Inc. is buying six new assets worth a total of P13.15 billion from sponsor Megaworld Corp. to bring it closer to its 500,000-square-meter (sqm) portfolio target.
M REIT Inc. is buying six new assets worth a total of P13.15 billion from sponsor Megaworld Corp. to bring it closer to its 500,000-square-meter portfolio target.M REIT , the real estate investment trust of tycoon Andrew Tan's Megaworld , is adding 157,000 sqm to its portfolio, which will expand by 48 percent to 482,000 sqm once the Securities and Exchange Commission approves the buyout, the listed firm said over the weekend.
'The six office buildings — three in Taguig City, two in Iloilo Business Park and one in Davao City — will be acquired from Megaworld in exchange for about 926.16 million MREIT secondary shares at a price of P14.20 per share.MREIT said its board and related party transactions committee greenlit the purchase price, which was based on appraisal reports and validated by a third-party fairness opinion.
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