Megaworld group-sponsored real estate investment trust MREIT Inc. has approved the infusion of new property assets valued at P9.1 billion comprising four prime office buildings in Philippine Economic Zone Authority-registered zones in Iloilo and Taguig.

This will bulk up the value of property assets in MREIT's portfolio by 19 percent to P58.5 billion, MREIT said in a press statement on Thursday.

The deal will fold into MREIT Two Techno Place, Three Techno Place, and One Global Center - which are located in Iloilo Business Park - as well as World Finance Plaza in McKinley Hill in Fort Bonifacio.

The four prime office properties have a combined gross leasable area of 55,700 square meters, increasing MREIT's footprint by 25 percent to around 280,000 square meters. 

With an average occupancy rate of 99 percent, the new assets will start contributing to MREIT's revenues upon the closing of the deal before yearend.

This investment will be funded by new borrowings. MREIT's board approved a 10-year term loan facility amounting to P7.25-billion with a local bank.