Manulife US Reit raises US$94m in oversubscribed issue of new units at US$0.824 apiece

SINGAPORE - Manulife US Reit has raised US$94 million from the issue of 114.1 million new units at US$0.824 per unit. The issue price represents a 4.37 per cent discount to the unit's price of US$0.86 as at 10.13am on Tuesday (April 30).

The Reit (real estate investment trust) previously looked at raising about US$94 million in gross proceeds through the issue of up to 115.9 million new units at an issue price of between US$0.811 and US$0.836 apiece.

It said the latest private issuance exercise was oversubscribed with strong participation from existing unitholders and new institutional investors.

DBS, CLSA Singapore and OCBC are joint lead managers and underwriters for the private placement.

Trading of the new units is expected to commence at 9am on May 9.