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Manulife US REIT makes US$115 mil maiden acquisition; announces private placement

PC Lee Published on Mon, Jun 19, 2017 / 8:18 PM GMT+8

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SINGAPORE (June 19): Manulife US REIT is making its maiden acquisition.

The manager of Manulife US REIT announced today it is buying 500 Plaza Drive, an 11-storey Class A office building in New Jersey, US, for US$115 million ($159 million).

The acquisition will be financed by a combination of debt and equity from loans and a proposed private placement of 73.6 million new units at a price of between US$0.817 and U$0.842 per each. The stock closed at US$0.90.

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