MREIT, Inc., the real estate investment trust (REIT) arm of property giant Megaworld Corp., is gearing up to double its gross leasable area (GLA) to 1 million square meters by 2027—this time by integrating retail and mall assets into its predominantly office-based portfolio.
The move capitalizes on the resurgence of consumer spending and robust leasing activity in Megaworld Lifestyle Malls, where foot traffic and sales have already surpassed pre-pandemic levels. As of end-June 2025, mall occupancy hit a record 93 percent, driven by both international and local tenants.
“Our goal is to diversify our portfolio and expand our revenue base,” said Kevin L. Tan, chairman of MREIT. “While the country is seeing impressive consumer activity, we want to tap into this momentum to ensure our portfolio remains resilient and relevant in the years ahead.”
MREIT’s current portfolio consists primarily of high-occupancy office assets in prime Megaworld townships such as Eastwood City, McKinley Hill, McKinley West, Iloilo Business Park, and Davao Park District.
Megaworld, the MREIT’s sponsor, continues to hold a significant pipeline of income-generating assets, including around 1 million square meters of office GLA and 500,000 sqm of retail GLA that may be infused into MREIT over time. This deep pipeline gives the REIT strategic flexibility to pursue accretive acquisitions.
As MREIT strengthens its mall and retail exposure, the company remains committed to maintaining strong dividend payouts, leveraging both the BPO sector’s stability and the Philippine retail sector’s revival to drive long-term growth.
