MREIT Inc. on Friday said it will focus on office assets for now as it aspires to be one of the largest office real estate investment trusts (REITs) in Southeast Asia.

“Right now, MREIT’s focus is office buildings, as we hope to be one of the largest office REITs in Southeast Asia,” MREIT President and Chief Executive Officer Kevin Tan said during the company’s virtual stockholders’ meeting.

Tan noted that its sponsor, Megaworld Corp., has over 1.4 million square meters (sqm) of office, of which 1.1 million sqm are still not part of MREIT.

“MREIT has more than enough room or runway for growth for quite a long period of time without having to look at other asset types,” he continued.

“That being said, when the environment permits and if we believe that it will be value adding for every shareholder, we are open to consider other asset types to be infused into MREIT,” Tan added.

MREIT targets to expand MREIT’s property portfolio to 1 million sqm before the end of the decade.

“Given our access to Megaworld’s extensive office portfolio . . . we believe that this is achievable,” Tan said.

MREIT recently disclosed its plans to acquire up to P20-billion worth of office properties from Megaworld in 2022.

The company earlier explained the move will increase their portfolio value by 34 percent to P78.5 billion from P58.5 billion.

MREIT Inc. recorded a net income of P687.2 million in the first quarter of the year, while its revenues ended at P901.6 million during the period.

Shares of MREIT rose 4 centavos, or .24 percent, to close at P16.82 apiece on Friday.