Manulife US REIT to acquire 10 Exchange Place for US$313 mil; plans rights issue

SINGAPORE (Sept 2): Manulife US REIT, the US office REIT, is planning the acquisition of 10 Exchange Place, a 30-storey Class A office building in Jersey City, New Jersey, US.

The total cost of the acquisition, comprising the purchase consideration, acquisition fee and professional and other fees and expenses, is US$332 million ($450 million).

Assuming the acquisition was completed on May 20, 2016, the date of listing of Manulife US REIT and the REIT held and operated the property in FY2016, the pro forma DPU yield of the enlarged portfolio would increase by 2.2% to 6.23% compared to the pro forma DPU yield of the current portfolio of 6.10%.

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