Manulife US REIT gets go-ahead for acquisition of 10 Exchange Place and rights issue

SINGAPORE (Sept 19): Unitholders of Manulife US REIT have given their approval for the REIT manager to proceed with the acquisition of 10 Exchange Place as well as a rights issue to partly fund the property.

At an EGM on Tuesday, unitholders holding 242.2 million units or 94.31% of the total units issued voted to pass resolution 1 which called for the approval to purchase the iconic office property located on the Hudson River waterfront in New Jersey for US$313.2 million. Meanwhile, unitholders holding 14.6 million shares or a 5.69% stake voted against the resolution.

Unitholders holding 296 million units or 95.24% of the total units issued approved resolution 2 which called for the issue of 299.3 million rights units at 69.5 US cents each to raise gross proceeds of US$208 million. Unitholders holding 14.8 million units or a 4.76% stake had voted against the resolution.

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