MREIT, Inc. Announces Acquisition of Four Prime Properties
November 15, 2021 at 08:49 pm EST
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MREIT, Inc. announced the acquisition of four prime, grade A, PEZA-accredited properties by December of this year. Subject to final approvals, the company is looking to acquire Two Techno Place, Three Techno Place, and One Global Center, which are located in Iloilo Business Park; as well as World Finance Plaza in McKinley Hill in Fort Bonifacio, Taguig. The four prime office properties have a combined GLA of 55,700 square meters and have an average occupancy rate of 99%. Given that MREIT currently has no bank debt on its balance sheet, the acquisition will be funded through new borrowings in order to further enhance returns. Once completed, the infusion will increase MREIT's portfolio gross leasable area (GLA) by 25% from 224,431 square meters to 280,131 square meters. Additionally, MREIT's management will ensure that the acquisition will be closed under such terms that will result in enhanced value for its shareholders.
MREIT, Inc. is a Philippines-based company, which operates as a real estate investment trust (REIT). The Company seeks to secure income growth and provide a competitive investment return to the investors through present and future portfolio. Its objectives are primarily to own and invest in income-producing commercial portfolio of office, retail, and hotel properties in the Philippines. The Companyâs investment properties include several buildings for mixed-use, which are being leased out as office, retail, and hotel, including the hotelâs parking spaces. The Company's properties include Eastwood City, Iloilo Business Park, and McKinley Hill. Iloilo Business Park is an integrated urban township in a 72-hectare property in the bustling district of Mandurriao, Iloilo City. McKinley Hill is an integrated urban township on 50 hectares of land inside Fort Bonifacio, a former military camp in Taguig City.
MREIT, INC. 
