Manulife Reit said poised to price US$470m IPO at top end

[HONG KONG] Manulife Financial Corp, Canada's largest life insurer, is poised to raise US$470 million in its second attempt at a Singapore initial public offering of its US properties, according to people with knowledge of the matter.

Manulife US Reit plans to price its sale of 566 million units at 83 cents apiece, the top end of a marketed range, according to the people, who asked not to be identified as the information is private. The trust, which is backed by three office buildings in Los Angeles and Atlanta, offered the units at 82 cents to 83 cents apiece, according to a May 3 prospectus.

The offering is Singapore's first initial share sale above US$100 million since BHG Retail Reit raised US$194 million in November. The listing will give a boost to the city-state's exchange, which had the smallest haul of IPOs among the region's four largest stock markets in 2015.

A representative for Manulife US Reit said she couldn't immediately comment. IFR reported the final pricing earlier Wednesday, citing unidentified people.

Manulife US Reit's cornerstone investors include private banking clients of Credit Suisse Group AG and DBS Group Holdings Ltd, the prospectus shows. DBS Bank Ltd, Malaysia's Fortress Capital Asset Management, Oman Investment Fund and Lucille Holdings Pte are also cornerstone investors in the offering.

DBS, China International Capital Corp, Credit Suisse and Deutsche Bank AG are arranging the sale, according to the filing.

BLOOMBERG