MREIT wants to increase leasable assets by 24.5%

| PHOTO: Official website of MREIT

MANILA, Philippines — The real estate investment trust (REIT) arm of developer Megaworld Corp. plans to boost its gross leasable area (GLA) this year by 24.5 percent to close in on its goal of having a portfolio of 1 million square meters by the end of the decade.

MREIT Inc. said in a regulatory filing on Thursday its GLA currently stood at 482,000 square meters (sq m) across 24 office properties.

By the end of the year, MREIT aims to expand this to 600,000 sq m.

“We remain focused on optimizing returns from our existing assets while exploring further acquisition opportunities that align with our growth strategy,” MREIT president and CEO Kevin Tan said in a disclosure.

READ: MREIT acquires 6 prime offices worth P13.15B

By 2030, MREIT wants to have a GLA of 1 million sq m, which it plans to reach by adding 100,000 sq m of assets annually.

Once achieved, MREIT will have one of the largest portfolios among the country’s REITs.

Ayala-led AREIT Inc. currently has a GLA of 4.2 million sq m, composed of 1.3 million sq m of buildings and 2.9 million sq m of industrial land.

MREIT’s announcement came as it posted a 26-percent surge in first-quarter distributable income to P932 million on gains from its new asset acquisitions.

READ: New assets boost MREIT income to P932 million