MREIT moves listing date due to 'overwhelming demand'

MANILA, Philippines — MREIT Inc., the real estate investment trusts (REIT) company of Megaworld Corp, pushed back its listing date owing to "overwhelming demand" from investors.

In a regulatory filing on Wednesday, MREIT said it would be moving its listing date to October 1 from the previous date of September 30.

"The overwhelming demand from investors who subscribed to the MREIT shares in the IPO has affected the timely completion of the lodgment of the shares with the Philippine Depositary and Trust Corp.,” MREIT said.

“We are grateful that the introduction REITs to the market was met with much optimism and we are very pleased with MREIT’s overwhelming demand. This is a testament to the confidence of the investors and a reflection of the strength of the Philippine capital market,” it added.

In the run-up to its IPO, the Megaworld-backed REIT firm slashed the size and price of its offer. The company sold 844.3 million common shares at a price of P16.10 each during its initial public offering. The offer has an overallotment option of 105.5 million common shares.

MREIT’s maiden share sale was expected to raise P15.3 billion in gross proceeds. Under the law, 90% of a REIT’s income from its property ventures is mandated to be rewarded to investors as dividends.

This is the fifth REIT to join the Philippine markets, following the entry of DoubleDragon Properties Corp.’s DDMP REIT, Robinsons Land’s RL Commercial REIT Corp., Ayala Land’s AREIT Inc. and Filinvest REIT Corp.