Manulife US Reit comes with single ownership cap of 9.8%

Singapore

BEING the first US office Reit to be listed in Asia, Manulife US Reit has some unique features that are new to Reits listed in Singapore.

Probably the most salient is the rule that no unitholder can own more than 9.8 per cent of the outstanding units, and this is enforced by a rare "automatic forfeiture" mechanism.

The ownership limit itself is common for US Reits as they cannot be closely held. No more th…