The real estate investment unit of Megaworld aims to be the fastest-growing player in Southeast Asia in terms of portfolio scale with the planned infusion of more office assets.

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In a statement, MREIT president Kevin Tan said the company is scaling up its office assets size to one million square meters within the next five to ten years as more assets are injected by its sponsor.

“We are committed to reaching half a million square meters by 2024, and are highly confident of our ability to reach 1 million square meters in the near future so that we can be the largest office REIT in Southeast Asia. Our goal is to put the Philippines and MREIT on the global REIT map because of the size and quality of our REIT portfolio and our world-class tenant base,” Tan said.

Kevin Tan’s vision: Build Megaworld REIT as biggest in Southeast Asia

“We believe we can easily achieve this because Megaworld already has 1.2 million square meters of existing office buildings and has a robust pipeline of new office development spread across 26 business parks across the country,” he added.

Megaworld plans to inject an additional 100,000 square meters of prime office assets that will jack up MREIT’s portfolio to around 324,000 sqm by end-2022.

Tan said the company remains bullish about the prospects of the Philippine BPO sector with Megaworld expected to maintain its undisputed leadership position as the office landlord of choice for the world’s leading IT and BPO companies.

MREITs initial portfolio of about 224,431 sqm consists of 10 prime office buildings in three of Megaworld’s most established township locations that are popular among the biggest BPO companies operating in the Philippines.

These include 1800 Eastwood Avenue, 1880 East Avenue, E-commerce Plaza, One World Square, Two World Square, Three World Square, 8/10 Upper McKinley Building, 18/20 Upper McKinley Building, One Techno Place Iloilo, Richmonde Tower and Richmonde Hotel Iloilo.

“Our current portfolio has been carefully curated to include only Grade A PEZA-accredited buildings with mainly BPO and multinational tenants… Throughout the years, our integrated live-work-play townships has proven to be successful in attracting better and stickier tenants, which in turn translates to significantly less tenant churn, consistently higher occupancy rates and sustainable escalating rental rates,” Tan said.

The post Kevin Tan to make MREIT the fastest growing REIT, boost office assets to 1M sqm in 10 years first appeared on Bilyonaryo Business News.



Kevin Tan to make MREIT the fastest growing REIT, boost office assets to 1M sqm in 10 years
Source: Filipino Daily Inquirer