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Manulife US Reit manager issues 1.85m units to Manufacturers Life Reinsurance
THE MANAGER of Manulife US Reit announced on Thursday that it has issued two sets of units to Manufacturers Life Reinsurance Limited (MLRL).
The first 1.26 million Manulife US Reit units were issued by Manulife's Reit manager to MLRL to receive the management fee units in its place.
"These units have been issued as payment of 100 per cent of the manager's base fee for the period 1 July to 30 September," the Reit manager said in an aftermarket filing with the Singapore Exchange.
"The base fee is calculated in accordance with the trust deed constituting Manulife US Reit dated March 27, 2015."
The next 591,384 units were issued to MLRL by way of John Hancock Life Insurance Company and have been issued as payment of the property management fees for the same period.
The issuance of the property management fee units is in accordance with the disclosure in the prospectus of Manulife US Reit dated May 12, 2016, the Reit manager said.
The price of the units were based on the higher price between the volume weighted average price of Manulife US Reit units from Sept 18 to Sept 29 and the Reit's closing unit price on Thursday.
To date, the total number of Manulife US Reit units in issue stands at 1.034 billion.
Manulife US Reit units closed 0.5 Singapore cent or 0.6 per cent down at 90 Singapore cents on Thursday.