Manulife US Reit gears up for listing in Singapore

Singapore

IN WHAT must be a welcome relief for the local IPO-dry stock market, Manulife US Real Estate Investment Trust (Manulife US Reit), a unit of Canadian insurer Manulife Financial Corporation, is aiming for a mainboard listing on the Singapore Exchange, with its preliminary prospectus lodged with the Monetary Authority of Singapore on Monday.

The Reit is aiming to raise gross proceeds of S$629.2 million, comprising S$421.17 million from an international placement and a public offering, S$148.25 million from cornerstone investors and S$59.77 from sponsor units.