Manulife US Reit makes weak debut on SGX

Manulife Centre at Bras Basah.
Manulife Centre at Bras Basah. PHOTO: MANULIFE SINGAPORE

SINGAPORE - Manulife US Real Estate Investment Trust (Reit) has put up a lacklustre performance on its debut on the Singapore Exchange's mainboard.

The Reit opened lower at 2pm on Friday at 82 US cents apiece, 1.2 per cent below the offering price of 83 US cents.

At about 4pm, the counter was trading at around 77.5 US cents, with 37 million units having changed hands.

Manulife Financial Corporation, Canada's largest life insurer, raised US$519.2 million in its second attempt at a Singapore initial public offering. It had delayed the listing from last July, citing volatile market conditions and reduced investor interest.

The Reit is the first IPO on SGX's mainboard this year and the first pure-play US office Reit to be listed in Asia.