Andrew Tan Tan built his fortune developing large apartment complexes around Manila and now has a … [+]
Courtesy of Andrew Tan
Megaworld—the developer controlled by billionaire Andrew Tan—is spinning off some of its office properties into a real estate investment trust that would raise 27.3 billion pesos ($565.5 million) from an initial public offering, joining the IPO bandwagon of other real estate tycoons.
Megaworld is selling 49% of MREIT through the IPO. MREIT plans to sell up to 1.24 billion common shares at a maximum price of 22 pesos apiece, according to registration documents filed with the Securities and Exchange Commission on Wednesday.
Through a property-for-share swap, Megaworld injected into MREIT a portfolio of ten office, retail and hotel assets with an aggregate gross leasable area of 224,430 square meters. The properties—located in Megaworld’s…