MREIT, CREIT prepare for major asset infusions

MANILA, Philippines — The real estate investment trust arms of property giant Megaworld Corp. and the Citicore Power Group are gearing up for major asset infusions this year to bolster their respective portfolios.

MREIT Inc. has reached 647,000 square meters of gross leasable area (GLA) following its recent asset infusions and it is targeted to expand to at least 750,000 square meters by the second half of the year with the company’s diversification into retail by infusing mall assets.

“We plan to infuse the Wave 5 properties sometime in, hopefully, third quarter, but the target is of course second half,” Megaworld and MREIT investor relations head Andy Dela Cruz said. 

“Wave 5 is more complex than Wave 4. Again it marks our first diversification into mall assets. And as we alluded to before, it can also potentially include hotel or hospitality assets,” he said.

With Wave 5 already in preparation, MREIT said it remains on track toward its goal of hitting one million square meters of GLA by 2027.

Citicore Energy REIT Corp. (CREIT), meanwhile, is expected to expand its total GLA to 8.8 million square meters with a planned asset-for-share swap transaction with its sponsor, Citicore Renewable Energy Corp. and its subsidiaries.

The proposed transaction is expected to infuse approximately 1.7 million square meters of land and 860-megawatt peak of solar assets in Pangasinan, Pampanga, Batangas, Quezon and Negros Occidental.

The strategic infusion will enable CREIT to expand beyond its current portfolio by about 20 percent new leasable land assets, as well as stabilized, income-generating solar assets.

CREIT said the transaction is targeted for execution within the coming months of 2026, subject to customary closing conditions, finalization of terms and relevant regulatory approvals.

CREIT is the country’s first renewable energy REIT and largest renewable energy landlord.

“This transaction reflects how CREIT’s platform is built for long-term growth, allowing us to acquire stabilized, income-generating assets while deepening strategic alignment with our sponsor. It reinforces CREIT’s ability to expand alongside CREC in a disciplined and sustainable manner, creating long-lasting value for shareholders,” CREIT president and CEO Oliver Tan said.