Manulife US REIT debuts in Singapore slightly below IPO price

Manulife US Real Estate Investment Trust

20/05/2016 07:00

SINGAPORE, May 20 (Reuters) - Units in newly listed real 
estate investment trust Manulife US REIT  MANU.SI  opened on 
Friday in Singapore at $0.82, slightly below their offer price 
in a $519.2 million sale, the city-state's biggest initial 
public offering in almost two years. 
    The IPO was priced at $0.83 per unit. The asset is priced in 
U.S. dollars, though listed in Singapore. 
    The listing of the REIT, whose sponsor is a part of life 
insurer Manulife Financial Corp  MFC.TO , is Singapore's biggest 
since the $611 million debut of Accordia Golf Trust  ACCO.SI  in 
July 2014.  
    The Singapore Exchange (SGX) has been facing a dearth of 
IPOs, hurt by weak market sentiment. Funds raised through IPOs 
and reverse takeovers on the SGX's main board totalled S$276 
million ($200 million) in 2015, compared with S$3.18 billion the 
previous year.    
    At 0622 GMT, units of Manulife US REIT, comprising three 
office properties in the United States, were trading at $0.79. 
The broader market  .STI  was up nearly 0.75 percent. 
     
($1 = 1.3782 Singapore dollars) 
 
 (Reporting by Aradhana Aravindan; Editing by Kenneth Maxwell) 
 ((aradhana.aravindan@thomsonreuters.com; +65 6403 5659; Reuters 
Messaging: aradhana.aravindan.thomsonreuters.com@reuters.net)) 
 
Keywords: MANULIFE US REIT STOCKS/