Property giant Megaworld Corp. has raised P3.38 billion from another round of sale of shares in its real estate investment trust company, MREIT Inc., according to Philstar Biz.
The transaction is part of Megaworld's strategy to unlock value from its portfolio and strengthen its capital position. MREIT, which holds a diversified portfolio of office and commercial properties, has been a vehicle for the parent company to recycle capital into new developments.
The sale comes amid a recovering property market in the Philippines, with investor appetite for REIT shares improving. Megaworld continues to expand its residential and office projects while capitalizing on the REIT structure to generate additional funds.