Megaworld Corp. has applied for an initial public offering of a real estate investment trust (REIT) that could raise as much as P27.3 billion.
MREIT Inc., a subsidiary of bilyonaryo Andrew Tan’s Megaworld, plans to offer up to 1.239 billion shares at a maximum price of P22 each, according to the registration statement filed with the Securities and Exchange Commission.
Assuming full exercise of the overallotment option, the IPO will fetch P27.3 billion, making it the largest share sale in the country.
The shares to be sold represent up to 49% of the total issued and outstanding shares of MREIT, which will have a portfolio of 10 office, retail and hotel assets with an aggregate gross leasable area of 224,430.80 square meters, located in Megaworld’s major townships.
Proceeds from the offer will be used to fund 16 projects across the country.
“Our REIT includes properties in three of our most sought-after premier township developments of Eastwood City, McKinley Hill, and Iloilo Business Park, which are home to around 200,000 BPO and other office workers today.
Our ‘tried-and-tested’ signature concept of the township has attracted over 200 BPO and multinational companies to locate with us through the years since we started our first-ever Eastwood cyberpark in 1999,” said Kevin L. Tan, president and CEO of MREIT, Inc.
The assets to be injected into MREIT include 1800 Eastwood Avenue, 1880 Eastwood Avenue, E-Commerce Plaza, One World Square, Two World Square, Three World Square, 8/10 Upper McKinley, 18/20 Upper McKinley, One Techno Place, Richmonde Tower and Richmonde Hotel Iloilo.
BDO Capital & Investment Corp., Credit Suisse (Singapore) Ltd., UBS AG Singapore Branch, and DBS Bank Ltd., are the joint global coordinators for the IPO while BDO Capital will serve as domestic lead underwriter.
According to Leechiu Property Consultants, Megaworld currently has the largest portfolio of leasable office spaces in the Philippines, with around 1.4 million sqm of office properties in 10 major cities across the country.
It also holds the largest office leasable properties in the entire Bonifacio Global City, the country’s fastest growing business district today.
Revenues from office lease operations reached P10.4 billion last year, making it the ‘most stable’ income generator for the company despite the global pandemic.
SOURCE: Bilyonaryo
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