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Manulife US REIT completes US$197M preferential offering

Singapore-based Manulife US REIT said the preferential offering of 227,935,981 new units was oversubscribed, with valid acceptances for a total of 182,933,187 new units and applications for 47,828,204 additional new units.

The company offered 22 of its new units for every 100 existing units at 86.5 cents per new unit.

The office-focused real estate investment trust will issue a total of 227,935,981 new units to raise gross proceeds of about US$197.2 million.

Manulife Group subscribed to about US$15.8 million of the new units.

DBS Bank Ltd. and CLSA Singapore Pte. Ltd. acted as the joint lead managers and underwriters of the offering.