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MANULIFE US Real Estate Management, manager of Manulife US Real Estate Investment Trust (Manulife US Reit), said 576,588 units in the Reit were issued on Monday at US$0.84 per unit to Manufacturers Life Reinsurance Limited (MLRL) as payment of property management fees.
MLRL is an entity nominated by John Hancock Life Insurance Company (USA) to receive the property management fee units in its place.
The units have been issued as payment of 100 per cent of the property management fees for the period from of Oct 1 to Dec 31, 2016.
Following this issuance, John Hancock Life Insurance holds 790,507 units.
The total number of units in issue as at Feb 27, 2017, are 629.61 million.