Kevin Tan deploys P1.6B MREIT funds for Megaworld projects

Bilyonaryo Kevin Tan has spent P1.6 billion from the initial public offering (IPO) funds of MREIT Inc.

Kevin Tan on cloud 9 as MREIT jumps in stock market debut

In a report to the Philippine Stock Exchange, the bulk or P724.6 million of the funds IPO funds were spent for its parent, Megaworld’s 25-story office building, Worldwide Plaza in Uptown Bonifacio. The new building is the new headquarters of JP Morgan Chase in the Philippines.

MRET also funneled P110 million for its seventh office building in
Upton BGC, the 23-story International Finance Center.

The other projects financed by MREIT from October to December 2021 are:

1) Office building Taguig – P206.913 million

2) Enterprise One in Iloilo Business Park -P167.579 million

3) No. 1 Upper East Avenue – P115.606 million

4) Commercial building Cavite – P77.947 million

5) Office building Iloilo – P54.104 million

6) Upper East building Bacolod – P47.553 million

7) One Paseo Arcovia City – P35.072 million

8) Northill Gateway building Bacolod – P8.689 million

9) One Le Grand Tower McKinley West – P5.185 million

MREIT still has P13.24 billion IPO funds remaining.

MREIT is the best performing REIT IPO of 2021 with a gain of 22.4 percent from its offer price of P16.10.