MREIT Inc., the real estate investment trust of property giant Megaworld Corp., is positioning “crown jewel” properties in Uptown Bonifacio as the anchor of its planned Wave 6 asset infusion in 2027.
This signals MREIT’s push toward higher-quality assets as the real estate investment trust expands its portfolio and dividends.
Andy De La Cruz, head of Group Investor Relations and Capital Markets at Alliance Global Group Inc., said Monday that Wave 6 remains subject to management approval, final studies, and due diligence.
“The next wave will be Wave 6. But it will already include some crown jewel assets here in Uptown Bonifacio,” De La Cruz said at PSE STAR: Investor Day 1H 2026.
He said Uptown Bonifacio assets would anchor the infusion, although other properties could be added depending on final assessments.
The strategy reflects MREIT’s growing emphasis on making each portfolio expansion translate into stronger shareholder returns, rather than simply increasing its asset base.
“The overall end goal is against structuring Wave 6 to again be materially dividend per share, similar to Wave 4 and 5,” De La Cruz said.
Wave 5, valued at P27 billion, is expected to bring MREIT’s portfolio to more than 950,000 square meters across nine Megaworld townships. Targeted for completion in the second half of 2026, the transaction is expected to deliver at least 3 percent dividend-per-share accretion.
Beyond Uptown Bonifacio, MREIT has a sizable pipeline from billionaire Andrew Tan’s Megaworld and other Alliance Global assets, including hotels and malls.
De La Cruz said Megaworld plans to expand its office portfolio from 1.6 million square meters to 2 million square meters by 2030. Mall space, meanwhile, is targeted to double to 1 million square meters.
That expansion gives MREIT a deeper pipeline for future infusions, potentially allowing the REIT to grow while maintaining its focus on dividend accretion.
