At its extraordinary general meeting (EGM) on Dec 16, 83.1% of MUST’s unitholders voted to give the REIT manager the mandate to sell up to three existing properties to raise not more than US$350 million.
Manulife US REIT (MUST), under pressure to reduce its debt, has received approval from its unitholders to proceed with the disposal of three existing properties and to acquire assets beyond the US office sector.
As at Dec 1, MUST had raised nearly US$273.1 million ($352.6 million) from its disposition proceeds or 83% of the master restructuring agreement’s (MRA) minimum sale target through the sale of Capitol, Plaza and Peachtree. The REIT remains US$55.6 million short of its end-2025 divestment target.
