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Potential sale of Manulife US Reit’s manager to Mirae calls into question steadfastness of its sponsor

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Jude Chan

Jude Chan

Published Tue, Mar 28, 2023 · 05:50 AM
    • “We're more engaged with our sponsor right now than we ever have been. They're really in the trenches with us at the moment,” said Tripp Gantt, CEO of the Reit manager, at Manulife US Reit's last earnings call on Feb 9.
    • “We're more engaged with our sponsor right now than we ever have been. They're really in the trenches with us at the moment,” said Tripp Gantt, CEO of the Reit manager, at Manulife US Reit's last earnings call on Feb 9. PHOTO: BT FILE

    INVESTORS in Manulife US Real Estate Investment Trust (Manulife US Reit) might be feeling the jitters and wondering where the trust is headed. This is understandable.

    The Reit manager on Dec 30, 2022 – the last trading day of the year – dragged the media and market analysts away from year-end festivities to deliver some sombre news.

    At a press conference, called at short notice, the manager revealed that the Reit’s aggregate leverage had risen to about 49 per cent – just shy of the regulatory limit for Singapore-listed real estate investment trusts (S-Reits) – after a 10.9 per cent decline in its portfolio valuation.

    Hock Lock SiewS-ReitsReitsmanulife us reitQuarz Capital

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