MREIT Inc., the real estate investment trust arm of Megaworld Corp. is diversifying its portfolio into the retailing space.
Kevin Tan, MREIT president, said it will capitalize on the strong rebound of in-tenant sales, rental rates and occupancy rates of its mother company’s Megaworld Lifestyle Malls.
“This strategic move provides shareholders with exposure to the strong performance of the retail sector and enhances the company’s overall resilience and growth prospects,” Tan said during the company’s shareholders meeting Wednesday.
The company said there are new property sites available from its sponsor, “ensuring every sustainable growth and cementing our position as one of the market leaders starting by 2030”.
“By broadening our investment horizon into new asset types, this will ensure that we will have a balanced and diversified portfolio that can withstand various market tenants,” he said.
Tan said MREIT is on target to widen its portfolio to 1 million square meters by 2030.
“Since our IPO and lease portfolio more than doubled in size to 480,000 sq.m. and by 52 percent in value to P75 billion,” he said.
“Our focus on strengthening tenant relationships to enhance customer service and tailored leasing solutions keeps us agile and responsive to market changes. Our properties are strategically located in prime geographically diverse mega townships such as Eastwood City, McKinley Hill, McKinley West, Iloilo Business Park, and soon Davao Park District,” Tan said.
