Corporate digest

Manulife US Reit

MANULIFE US Real Estate Investment Trust (Reit) has opened a preferential offering of 22 new units for every 100 held, and will accept subscriptions until the business close of June 11. Unitholders who subscribe through the acceptance form and application form for excess new units have until 5pm on June 11 to submit their applications. Those who subscribe through ATMs have until 9.30pm the same day.

Manulife has priced the preferential new units at US$0.865 apiece, and will raise about US$197.2 million from the deal. Of the amount raised, about US$191.1 million or 96.9 per cent of the gross proceeds will be used to partially fund the proposed acquisitions of the office building located at 1750 Pennsylvania Avenue NW, Washington DC; and the office building known as Phipps Tower located at 3438 Peachtree Road, Atlanta, Georgia.