MREIT, Inc. (MREIT), the real estate investment trust company of property giant Megaworld Corporation, has officially signed a memorandum of understanding (MOU) for its “Wave 5” expansion.
The landmark deal covers the acquisition of twelve commercial assets with a combined gross leasable area (GLA) of approximately 303,500 square meters.
The transaction marks the largest single asset acquisition in MREIT’s history, transforming the company from a pure-office REIT into a diversified Philippine REIT. Upon completion, MREIT’s total portfolio will surge by 47%—from 647,000 square meters to approximately 950,000 square meters—putting the company within striking distance of its 1 million square meter GLA milestone well ahead of its original 2027 target.
The Wave 5 portfolio introduces high-performing retail and hospitality assets alongside prime office spaces, shifting MREIT’s asset mix from over 95% office today to a well-balanced, resilient composition:
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Office: ~77%
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Retail (Malls): ~20%
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Hospitality (Hotels): ~3%
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“Wave 5 is the biggest step in MREIT’s growth journey since our IPO. This transaction transforms MREIT from an office REIT into a diversified REIT, anchored by some of the most iconic mall and lifestyle assets in the country. We are positioning MREIT for the next decade of compounding growth,” said Kevin L. Tan, Chairman of MREIT, Inc.
The acquisition is structured to follow the highly successful, disciplined property-for-share framework established in Wave 4, which delivered an immediate 5% quarter-on-quarter dividend increase to a record ₱0.2630 per share in 1Q 2026.
Key operational metrics of the incoming Wave 5 portfolio include:
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High Occupancy: A combined occupancy rate of approximately 92% across all 12 assets.
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Extended Income Visibility: A Weighted Average Lease Expiry (WALE) of 5.8 years, nearly doubling MREIT’s current portfolio WALE of 3.1 years.
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Expanded Footprint: Geographic presence expands from five townships to nine, adding prominent locations such as ArcoVia City, Lucky Chinatown, Newport City, and Southwoods City.
“We have built our pipeline around discipline and accretion,” shared Jose Arnulfo C. Batac, President and CEO of MREIT, Inc. “Wave 4 demonstrated that our property-for-share structure can deliver immediate dividend accretion to existing shareholders… Wave 5 is being structured to repeat that outcome at a substantially larger scale, with a more diverse asset pool.”
The twelve premium assets included under the MOU span three distinct real estate sectors:
| Sector | Total GLA | Included Properties & Locations |
| Lifestyle Malls | ~160,000 sqm | Eastwood Mall (Quezon City); Venice Mall (Taguig City); Lucky Chinatown Mall (Manila); Festive Walk Mall (Iloilo City); Southwoods Mall (Laguna) |
| Grade A Offices | ~117,000 sqm | Science Hub Tower 2, Venice Corporate Center, Six West Campus (Taguig); One Paseo (Pasig); Global One (Quezon City); Horizon Center (Pasay) |
| Hospitality | ~26,500 sqm | Holiday Inn Express Manila in Newport City (Pasay) — MREIT’s first internationally branded hotel asset. |
The MOU was signed by MREIT, Inc., Megaworld, Travellers International Hotel Group, Inc. (TIHGI), and Southwoods Mall, Inc. (SMI). The transaction will be executed via a property-for-share swap, subject to due diligence, final valuation, and regulatory approvals.
To support the funding and execution of Wave 5, MREIT’s Board of Directors has endorsed for stockholder approval the issuance of up to 1,800,000,000 primary common shares. The company plans to finalize due diligence and execute definitive agreements within the second half of 2026.
Since its October 2021 IPO, MREIT has nearly tripled its asset portfolio from 224,000 square meters to 647,000 square meters across four prior expansion waves, consistently driving value and predictable distributable income for its shareholders.
