WHAT MAKES MREIT PHILIPPINES SPECIAL? | PART 2 KEVIN TAN | MARVIN GERMO

MREIT PHILIPPINES | According to a prospectus filed with the Securities and Exchange Commission (SEC) on Wednesday, MREIT, Inc. is planning to offer secondary shares of up to 1.239 billion common shares at a maximum price of P22 per share.

“We are going to launch the largest REIT in the country. This will be the largest IPO of a REIT. We are launching a total asset size of about P55.6 billion for 10 properties. The size of the offering will be around P27.3 billion (including overallotment),” Kevin Andrew L. Tan, Megaworld chief strategy officer and MREIT president, told reporters on Wednesday.

The offer shares represent 49% of the company’s total issued outstanding capital stock, assuming the overallotment option is fully exercised. Megaworld will retain the remaining 51%.

Through a property-for-share swap, Megaworld put in 10 office, retail and hotel assets with a combined gross leasable area of 224,430 square meters (sq.m.) into MREIT.

The buildings are located within Megaworld’s major townships — Eastwood City in Quezon City, McKinley Hill in Bonifacio Global City, and Iloilo Business Park in Mandurriao, Iloilo City.

Included in the portfolio are: 1800 Eastwood Avenue, 1880 Eastwood Avenue, E-Commerce Plaza, One World Square, Two World Square, T

MREIT PHILIPPINES

MREIT PHILIPPINES

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MEGAWORLD Corp. is putting 10 of its key office assets into a real estate investment trust (REIT) that is aiming to sell up to P27.3-billion worth of shares in an initial public offering (IPO)

MREIT, Inc. a company designated by Megaworld Corporation to operate as a Real Estate Investment Trust (REIT), leases a portfolio of ten (10) office and commercial assets to a diversified tenant base across the Philippines with an aggregate gross leasable area of 224,430.8 square meters.

For MREIT, it will conduct its offer period from August 23 to August 27, and IPO on September 6th. Megaworld [MEG 2.71 3.21%], MREIT’s sponsor, will sell just over 1.2 billion common shares (49% public float) of MREIT (assuming full exercise of the over-allotment option), at a maximum price of P22/share. Since the deal is 100% secondary, all of the money raised will go to MEG, not to MREIT. For RCR, it will conduct its offer period from August 31 to September 8, and IPO on September 20th.

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