MREIT president and chief executive Kevin Tan said during the company’s annual stockholders meeting adding shopping malls owned by parent Megaworld is an “attractive diversification opportunity” for the group to expand its assets which are primarily composed of office towers.Tan said revenues from Megaworld’s shopping malls already recovered and grew past pre-pandemic levels.
“We are now seeing the strong rebound in retail, driving the strong performance of our sponsor lifestyle malls. With current sales exceeding pre pandemic levels and rental concessions fully removed as of the start of the year, this creates opportunity for MREIT to diversify into terms of asset class, increasing the pool of properties from which MREIT can source its growth,” Tan said.
Source: News Formal (newsformal.com)
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