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Manulife US REIT's preferential offering of new units launches

Singapore-listed trust Manulife US REIT launched May 30 its fully underwritten, pro rata and nonrenounceable preferential offering of 227,935,981 new units.

Under the approximately US$197.2 million offering, each unit is priced at 86.5 cents. The Singaporean real estate investment trust said it will use the amount to finance its US$387.0 million acquisition of two office buildings in the U.S.

The preferential offering will close June 11.

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