MREIT, Inc. is expanding beyond its traditional office portfolio into retail and hospitality assets, according to a report by BusinessWorld . The company said it is on track to nearly double its portfolio to about 1 million square meters of gross leasable area through its biggest planned acquisition to date.
The move marks a strategic shift for the real estate investment trust, which has historically focused on office properties. By adding retail and hospitality assets, MREIT aims to diversify its income streams and reduce reliance on the office sector.
The expansion is expected to be completed well ahead of the company's original target. MREIT did not disclose the specific assets or the value of the acquisition, but said it would provide updates as the deal progresses.