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Manulife US Reit joining FTSE EPRA Nareit Global Developed Index
MANULIFE US Reit will be included in the FTSE EPRA Nareit Global Developed Index with effect from Dec 23, 2019, the manager of the pure-play US office real estate investment trust said in a bourse filing on Thursday.
Jill Smith, chief executive officer of the Reit's manager, said the Reit's inclusion in the index signifies higher trading liquidity and visibility to institutional investors and property funds, as well as a potential positive rerating.
Manulife US Reit has tripled its market cap to US$1.5 billion since it went public three and a half years ago, she added.
She had said in the release of the Reit's Q3 results in early November that inclusion in the index was "in sight" as the Reit "has steadily attracted a significant institutional investor base" since going public.
The index reflects the performance of listed property companies and real estate investment trusts worldwide, and is tracked by a majority of global property sector equity funds.
Manulife US Reit units were up US$0.005 or 0.5 per cent to US$0.975 as at the midday trading break.