Andrew Tan drops P6.3B for office buildings, hotels in Q2 from Megaworld’s cash hoard

Ultra bilyonaryo Andrew Tan continues to pursue Megaworld’s (MEG) property projects despite adverse economic conditions.

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Tan has spent a total of P6.3 billion in the second quarter of 2022.

The money came from the funds raised by MEG from the P15.3 billion initial public offering of its Real Estate Investment Trust (REIT) company, MREIT, in October 2021 and the sale of four buildings worth P9.1 billion to MREIT in December 2021.

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MEG spent a total of P3.47 billion from its IPO proceeds from April to June 2022 for 10 projects:

* Bacolod projects (P700 million);

* Taguig office building (P567.1 million);

* Twin Lakes projects in Batangas (P565 million);

* Eastwood hotel (P450 million);

* Eastwood Cyber One building (P350 million);

* Arcovia City building (P350 million);

* No. 1 Upper East Avenue building in Bacolod (P175 million);

* Boracay Newcoast building (P167 million);

* Arden Botanical Estate building (P125 million); and

* Commercial building in Cavite (P21.63 million).

From the proceeds of its building sale, MEG deployed P2.835 billion in the second quarter for five projects:

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* Manila building projects (P1.236 billion);

* Northwin Global City building (P785 million);

* Iloilo Business Park building (P98.3 million);

* The Mactan Newtown building (P680 million); and

* Bacolod building (P55 million).