Hancock S-REIT Portland, an indirect subsidiary of Manulife US REIT (MUST) BTOU , has redeemed all of its 115 outstanding preferred units held by the preferred unitholders. The unitholders are all unrelated to MUST’s sponsor, The Manufacturers Life Insurance Company, and MUST itself.
Hancock S-REIT Portland used to hold MUST’s Tanasbourne property located in Hillsboro, Oregon, in the US. The property was divested to John Hancock Life Insurance Company for a consideration of US$33.5 million ($44.6 million) in April
The total redemption amount is approximately US$0.1 million and was funded from internal resources and proceeds from the divestment of the property.
The redemption was effective at 12.01am on May 31 (US Eastern time) and it is not expected to have any material impact on the consolidated net tangible assets or earnings per unit of MUST for the financial year ending Dec 31.
Units in MUST closed at 16.9 US cents on May 31.
