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Manulife Planning Second Attempt At Singapore IPO For US REIT
Tom Burroughes
4 May 2016
Canada-based Manulife is looking to raise as much as $470 million in a second attempt at a Singapore initial public offering of its US properties, the Straits Times reported, citing unnamed sources. This story was later confirmed to WealthBriefingAsia by the company. "We would like to confirm that Manulife US Real Estate Investment Trust has lodged its amended preliminary prospectus with the Monetary Authority of Singapore," the company said in an emailed statement. It added that units of Manulife US Real Estate Investment Trust are not being offered to the public outside of Singapore.
The Manulife US REIT, which is backed by three office buildings in Los Angeles and Atlanta, will offer 566 million units at 82 cents to 83 cents apiece, the report said.
The offering will reportedly be Singapore's first initial share sale above $100 million since BHG Retail REIT raised $194 million in November last year, and will boost Singapore’s volume of IPO business.