Megaworld Seeks P27.3 Billion (US$560 Million) In Philippines’ Largest REIT Listing (Inquirer)
June 17, 2021 – Tycoon Andrew Tan-led Megaworld Corp. plans to raise as much as P27.3 billion (US$560 million) from the sale of a 49-percent stake in a business process outsourcing industry (BPO)-focused real estate investment trust (REIT) called MREIT Inc., which the group is grooming to become Southeast Asia’s largest REIT in terms of portfolio scale.
At the maximum size, this is potentially the largest REIT initial public offering (IPO) to come to the local stock market, edging out curtain-raising AREIT Inc.’s P15.1-billion (US$310 million) listing last year and DDMP REIT’s P14.7-billion (US$300 million) stock debut last March.
It is also potentially bigger than other REIT offerings in the pipeline, which includes RLC REIT’s proposed P26.7-billion (US$550 million) offering and Filinvest REIT’s planned P14.9-billion (US$310 million) offering.
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