MREIT spent P1.05B of private placement funds over 3 months

MREIT, the listed real estate investment trust of property developer Megaworld Corp., said it spent for various projects a total P1.05 billion over the last three months, with the bulk of the amount going to Northwin Global City, a sprawling mixed-used development in Bulacan.

The funds were taken from the P3.63 billion that MREIT raised in July from the private placement of 279.3 million shares. At the end of September, MREIT still has P2.56 billion left to spend for various projects.

MREIT said that P785.1 million was poured into Northwin, where land development are ongoing along with the construction of shopping malls and offices. Also in Luzon, MREIT invested P50 million in ArcoVia City, a mixed-used development in Pasig City.

In the Visayas, MREIT spent P100 million to pursue the development The Mactan Newtown in Cebu, where shopping malls and offices are being built, and P50 million for the Bacolod projects.

In Mindanao, the listed REIT poured P60 million into Davao Park District, another mixed-used development project.