MREIT Inc., the real estate investment trust of property giant Megaworld Corp., has secured the regulator’s go signal to hike its capital stock to P8 billion from P5 billion, allowing it to fund expansion plans.
The firm said Friday the Securities and Exchange Commission’s approval would enable MREIT to move forward with the issuance of new shares to acquire new properties. These include nine office assets at McKinley Hill in Taguig City and one at Eastwood township in Quezon City.
Aside from office acquisitions, the group is likewise pushing for portfolio diversification, targeting select retail properties.
‘With the approval of our ACS (authorized capital stock) increase, we are now structurally positioned to pursue the next phase of our growth strategy,’ said Jose Arnulfo Batac, president and chief executive officer of MREIT Inc.
‘This milestone allows us to prepare for fresh acquisitions that will further scale our portfolio and support long-term value creation for our shareholders,’ the official added.