Manulife US REIT launches preferential offering to raise $265 mil fund for two acquisitions

SINGAPORE (May 16): The manager of Manulife US Real Estate Investment Trust (Manulife US REIT) is seeking to sell around 227.9 million new units at US$0.865 each to raise US$197.2 million ($265 million) in a preferential offering to fund the purchase of two properties.

Approximately US$191.1 million or 96.9% of the gross proceeds go towards partially funding the proposed acquisitions of 1750 Pennsylvania Avenue NW, Washington, D.C. and Phipps Tower at 3438 Peachtree Road, Atlanta, Georgia. Another US$6.1 million or 3.1% of the gross proceeds will go towards paying the estimated fees and expenses, including professional fees and expenses, to be incurred by Manulife US REIT in connection with the offering.

The issue price represents a discount of about 7.9% to the volume weighted average price of US$0.9391 per unit for trades done on Tuesday.

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