Manulife's Reit IPO in Singapore back on track

It is said to have begun pre-marketing for a targeted May 20 listing for the US office Reit and possibly raising a higher amount of US$500m

Published Wed, Apr 20, 2016 · 09:50 PM

Manulife

Singapore

CANADIAN financial services group Manulife has started pre-marketing for an initial public offering (IPO) in Singapore of its US office Reit (real estate investment trust), a plan it had shelved for nine months due to market conditions.

It is now said to be aiming for a May 20 listing.

A report by FinanceAsia on Tuesday, which cited bankers familiar with the situation, said that the deal could raise around US$500 million, above the previous S$569 million target.

Early indications also suggest that the new deal will offer an annualised dividend yield of 6.5 to 7 per cent for 2017, at least 20 basis points…