Megaworld Corp.—controlled by billionaire Andrew Tan—is selling 27 billion pesos ($437 million) worth of properties to its unit MREIT in its biggest infusion so far to its real estate investment trust.

The transaction—comprising 303,900 square meters of offices, shopping malls and a hotel—will expand MREIT’s portfolio to 950,000 square meters, close to its 1-million square-meter target set for 2027, the........

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