EXCERPT

The new acquisitions will have a total gross leasable area of 44,567 square meters, which will increase the company’s asset portfolio by 16 percent to 325,000 sqm GLA from the current portfolio of 280,000 sqm.

The property infusions include Festive Walk 1B and Two Global Center in Iloilo Business Park, and One West Campus and Five West Campus in McKinley West, Taguig City. At present, the four prime office properties have an average occupancy rate of 96 percent, above the industry level of between 81 and 84 percent.

With these acquisitions, MREIT will have 100 percent ownership of the two Iloilo Business Park properties, and 80 percent economic interest in the two McKinley West office towers, Tan said.

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