Megaworld Real Estate Investment Trust

What Megaworld Real Estate Investment Trust does

MREIT, Inc. is the designated Real Estate Investment Trust vehicle of Megaworld Corporation, listed on the Philippine Stock Exchange under ticker MREIT since its October 2021 IPO. The company leases a portfolio of Grade A, PEZA-accredited office and commercial properties situated within Megaworld's integrated live-work-play townships — Eastwood City (Quezon City), McKinley Hill and McKinley West (Taguig City), Iloilo Business Park, and Davao Park District. At IPO the portfolio consisted of 18 assets with 224,431 sqm of gross leasable area (GLA); through a sequence of property-for-share swap waves the portfolio has grown to roughly 647,000 sqm by Q1 2026 across 24 prime properties, with a signed Wave 5 MOU targeting approximately 1 million sqm of GLA via the addition of five lifestyle malls, six additional offices, and the Holiday Inn Express Manila hotel.

Revenue is generated by leasing this real estate to a tenant base dominated by Business Process Outsourcing (BPO) firms (approximately 77% of occupied space), traditional office and multinational corporations (approximately 17%), and a growing share of Global Capability Centers, with named tenants including Transcom, WNS, Nearsol, and JPMorgan Chase Bank (headquartered at the 26,000+ sqm Worldwide Plaza built-to-suit in Uptown Bonifacio). Portfolio occupancy has averaged 92-96%, materially above the Metro Manila office industry average of 80-81%, supporting consistent rental income. As a Philippine REIT, MREIT is required to distribute at least 90% of taxable income as cash dividends — quarterly payouts have ranged from P0.24 to P0.26 per share, translating to dividend yields of 6.7-8.1%.

Growth is executed through property-for-share swap transactions with Megaworld, which allow MREIT to absorb income-generating assets without drawing on debt (the debt-to-deposited-property ratio stands at 12% against the 35% REIT Law cap) and without large cash calls. FY2025 revenue was P5.6 billion (+24% year-on-year) and distributable income reached P3.7 billion (+18%); the November 2025 SEC-approved increase in authorized capital stock to P8 billion pre-funds the share issuance required for the next wave of acquisitions. MREIT remains majority-controlled by Megaworld Corporation, which in turn sits within the Alliance Global Group conglomerate of the Andrew Tan family.

Name

Megaworld Real Estate Investment Trust

Legal name

MREIT, Inc.

Website

https://mreit.com.ph

Company type

Public

Founded year

2021

Operating status

Operating

Headcount range

1–10 employees

Short description

MREIT is the listed Philippine REIT vehicle of Megaworld Corporation, leasing a portfolio of PEZA-accredited Grade A office properties within Megaworld's integrated townships to BPO firms, multinational corporations, and global capability centers, and distributing at least 90% of taxable income as quarterly dividends.

Ownership category

akta.pro rank

Product category

Commercial Real Estate REIT

NAICS

Real Estate and Rental and Leasing (53)

SIC

Real Estate Investment Trusts (6798), Lessors Of Real Property, Nec (6519)

akta.pro primary industry

REITs & Listed Real Estate Securities (FSAAAKAD)

Keywords

• Commercial real estate leasing
• Real estate investment trust
• Office property portfolio
• PEZA-accredited offices
• Dividend-yielding REIT shares

Headquarters

HQ city

Taguig

HQ country

Philippines

HQ region

Asia

Offices6 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Infrastructure, Personnel, Marketing or Sales, Technology or R&D

Revenue model

1. Office and Commercial Property Leasing: MREIT generates revenue by leasing office and commercial spaces to a diversified tenant base. The REIT owns a portfolio of 18 office and commercial assets with aggregate gross leasable area of 325,424 square meters, generating rental income from BPO, traditional office, and multinational corporate tenants.
2. Dividend Distributions: As a REIT, MREIT distributes at least 90% of its taxable income as dividends to shareholders on a quarterly basis. Dividends are funded from rental income and other REIT operations.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels5 records

Core offering

MREIT, Inc. is a Philippine Real Estate Investment Trust (REIT) that leases a portfolio of eighteen (18) office and commercial assets to a diversified tenant base across the Philippines with an aggregate gross leasable area of 325,424 square meters. The REIT, designated by Megaworld Corporation, generates recurring rental income from Grade A PEZA-accredited office properties located within integrated township developments and distributes at least 90% of its taxable income as quarterly cash dividends to shareholders.

Product overview

MREIT operates as a Real Estate Investment Trust (REIT) company designated by Megaworld Corporation. The company manages a portfolio of eighteen (18) office and commercial assets with an aggregate gross leasable area of 325,424 square meters (as of earlier disclosures), growing to 647,000 sqm following Wave 4 acquisition. MREIT's portfolio includes office buildings in four Megaworld premier townships (Eastwood City, McKinley Hill, McKinley West, Iloilo Business Park, and Davao Park District), with a tenant base predominantly composed of BPO companies. The company is transitioning from a pure-office REIT toward diversification, with plans to add mall/retail assets (Eastwood Mall, Venice Mall, Lucky Chinatown Mall, Festive Walk Mall, Southwoods Mall) and a hotel property (Holiday Inn Express Manila) under Wave 5. The company also offers coworking space partnerships through Common Ground Digital Park at McKinley Hill.

Differentiator

Problem solved

Functional benefit

Products and services

• Grade A Office Property Portfolio MREIT's primary offering consisting of Grade A, PEZA-accredited office properties located within Megaworld's integrated township developments across the Philippines (Eastwood City, McKinley Hill, McKinley West, Iloilo Business Park, Davao Park District). Portfolio expanded from 224,431 sqm at IPO to approximately 647,000 sqm after Wave 4 acquisition. Targeted to BPO companies, multinational corporations, and Global Capability Centers as tenants.
• Mall/Retail Assets (Wave 5) Planned retail properties including Eastwood Mall (Quezon City), Venice Mall (McKinley Hill), Lucky Chinatown Mall (Binondo, Manila), Festive Walk Mall (Iloilo), and Southwoods Mall (Biñan, Laguna) as part of diversification strategy. Represents MREIT's transition from pure-office REIT into diversified REIT.
• Holiday Inn Express Manila (Newport City) Internationally branded hotel property located in Newport City, Pasay - MREIT's first internationally branded hospitality asset, part of the Wave 5 diversification into hospitality assets.
• Common Ground Digital Park (McKinley Hill) Coworking space offering nearly 2,000 square meters of flexible workspace in Intellectual Property Center at McKinley Hill township, featuring events spaces, conferencing facilities, and various workspace options for startups and enterprises. Operated in partnership with Common Ground (The Flexi Group), which operates over 45 locations across 8 countries in Asia-Pacific.

Quantifiable outcome

• Portfolio occupancy rate of 92-96% vs industry average of 80-81%
• +3 more outcomes

Named customers5 records

Segments4 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

One partnership is on record.

• Common Ground (The Flexi Group)minorStrategic or Co-development Partner · 30 June 2025MREIT partnered with Common Ground, one of Southeast Asia's leading coworking space providers, to launch the 'Common Ground Digital Park McKinley Hill' - a digital innovation hub within MREIT's McKinley Hill township. The partnership offers nearly 2,000 square meters of flexible workspace in Intellectual Property Center, featuring events spaces, conferencing facilities, and various workspace options for startups and enterprises. The Flexi Group, Common Ground's parent company, operates over 45 locations across 8 countries in Asia-Pacific.

Scale indicators10 records

Recent moves10 records

Expansion highlights6 records

Broad incumbents

• SM Prime Holdings, Inc. SM Prime is one of the Philippines' largest integrated property developers with extensive mall, office, and residential portfolios. As a broad incumbent, it competes for large institutional tenants and capital markets visibility across Philippine commercial real estate, including REIT-eligible assets.
• Megaworld Corporation: Megaworld Corporation is MREIT's sponsor and parent, the Philippines' largest office landlord with 1.4M+ sqm of office stock across 26+ business parks. It is the broad incumbent that controls MREIT's growth pipeline through property-for-share swap transactions.
• Robinsons Land Corporation: Robinsons Land is a diversified Philippine real estate developer with significant office, mall, and hotel holdings. As a broad incumbent, it competes for the same BPO and multinational tenant base in Metro Manila that MREIT serves and represents a potential sponsor for additional REIT vehicles.
• Ayala Land, Inc. Ayala Land is the Philippines' largest real estate developer and parent of AREIT. As the broader incumbent competitor, Ayala Land develops and operates integrated townships that overlap directly with Megaworld's and feeds the AREIT vehicle, competing with MREIT for institutional tenant relationships.

Regional players

• Frasers Property Limited: Frasers Property is a Singapore-listed diversified real estate group with offices, retail, and logistics assets across Asia-Pacific. As a regional player, it operates office REITs that compete for institutional capital and provide cross-market benchmarks for MREIT's Grade A office strategy.
• Keppel REIT: Keppel REIT is a Singapore-listed REIT focused on premium office assets across major Pan-Asian cities. As a regional player, it competes for global institutional capital allocating to Asia-Pacific office REITs and benchmarks MREIT's office-focused yield and occupancy metrics.
• Mapletree Pan Asia Commercial Trust: Mapletree Pan Asia Commercial Trust is a Singapore-listed REIT with office and retail assets across Pan-Asia, including Philippine exposure. As a regional player, it competes for pan-Asian office investor capital and provides a cross-listed yield comparison for MREIT's dividend offering.

Direct peers

• AREIT, Inc. AREIT is the REIT vehicle of Ayala Land, the largest Philippine real estate conglomerate, focused on commercial office and retail assets. As the most direct Philippine REIT peer to MREIT, AREIT competes for the same pool of institutional tenants and capital markets sponsorship.
• DoubleDragon Meridian Park REIT (DDMP REIT): DDMP REIT is the REIT vehicle of DoubleDragon Corporation, primarily focused on community mall and retail assets. A direct Philippine REIT peer competing for retail-investor capital and dividend-yield exposure under the same Philippine REIT regulatory framework.
• Filinvest REIT Corp (FILRT): Filinvest REIT Corp is a Philippine REIT sponsored by the Filinvest group, holding a portfolio of office and retail assets in Metro Manila. Comparable to MREIT as a domestic REIT with diversified commercial property holdings and quarterly dividend distribution obligations under the Philippine REIT law.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/MegaworldREIT
• Xx.com/MegaworldREIT

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Megaworld Real Estate Investment Trust