MREIT, Inc. is evaluating the infusion of "crown jewel" properties in Uptown Bonifacio as part of its sixth wave of asset acquisitions, as the company prepares to expand its portfolio beyond the 1-million-square-meter (sq.m.) mark.

MREIT is the real estate investment trust (REIT) sponsored by property developer Megaworld Corp., and it has grown its leasable space through successive infusions of assets from its parent since its 2021 listing on the Philippine Stock Exchange — the standard growth path for Philippine REITs, in which sponsors sell income-producing properties into the listed vehicle. Under Philippine REIT rules, listed REITs must distribute at least 90% of their distributable income as dividends, which makes portfolio expansion the main avenue for enlarging the income pool that supports payouts. Uptown Bonifacio is one of Megaworld's township developments within Taguig City's Bonifacio Global City district.

Jeffrey Lucero, investor relations head at Megaworld Corp. and MREIT, told investors on the first day of the Philippine Stock Exchange's Strengthening Access and Reach (PSE STAR) briefing on Monday that the planned Wave 6 remains contingent on management approval, final studies, and due diligence.

"The next wave will be Wave 6. But it will already include some of our crown jewel assets here in Uptown Bonifacio. So of course, it's subject to management approval, finalization studies and all the due diligence work," he said.

Beyond Uptown Bonifacio, Mr. Lucero said MREIT still has mall assets in its pipeline for possible future infusion, including Uptown Mall in Uptown Bonifacio.

Alliance Global Group, Inc. (AGI) — the conglomerate whose property arm is Megaworld and which also controls Travellers International Hotel Group, Inc. — is studying hotel assets for potential future infusions into MREIT, according to Andy Dela Cruz, the group's head of investor relations and capital markets.

"Mostly, we're still looking at the hotels. I think where we want to study our near-term acquisitions, near-term meaning in the past three, five years, there's still substantial hotel assets from the AGI group," he said.

Potential hotel assets include properties under Megaworld and Travellers International Hotel Group, Inc., carrying brands such as Marriott, Sheraton, Hotel Okura, and Hilton. Travellers operates Newport World Resorts, the integrated resort and entertainment complex in Pasay City. Holiday Inn, meanwhile, is already part of MREIT's fifth wave of acquisitions.

Mr. Dela Cruz also identified Newport Mall and portions of Newport World Resorts' meetings, incentives, conferences, and exhibitions (MICE) facilities as potential assets for future infusion. Among these is the Marriott Grand Ballroom, which he said can accommodate around 3,000 to 4,000 people.

"Actually, there's a lot of assets under Travellers, under MREIT, and potentially in other companies under Alliance Global," he said.

On timing, MREIT expects to secure regulatory approval for Wave 5 in the second half of the year. Mr. Lucero said the transaction has already been submitted to the Securities and Exchange Commission (SEC), with the company hoping to complete it in the third quarter, subject to regulatory approval.

"We are hoping for the third quarter, but ultimately this is dependent on the regulatory approval. So within the second half of 2026," he said.

MREIT expects Wave 5 to push its portfolio beyond its 1-million-sq.m. target, after which the company plans to establish a new growth goal. Mr. Lucero said MREIT would continue expanding its exposure to Megaworld's 37 townships as it adds more properties to its portfolio.

Mr. Dela Cruz said future targets could continue to be measured in terms of portfolio area, although the company is also considering assets under management and market capitalization as benchmarks.

MREIT is also seeking inclusion in the Philippine Stock Exchange Index, whose composition is periodically reviewed using criteria such as market capitalization and liquidity. Mr. Lucero said the company's pro forma market capitalization would exceed P90 billion upon the completion of Wave 5.

At the local bourse on Monday, MREIT shares fell by 1.32% to P13.44 apiece. — Alexandria Grace C. Magno