Canadian financial services group Manulife began pre-marketing the initial public offering of its US office portfolio on Monday in a deal likely to raise about $440 million.
The flotation is not only shaping up to be the first ever US Reit listing in Singapore but also the first in 2015 from the S-Reit sector as a whole.
So far this year, there has just been one major equity offering from the sector a $525 million $390 million accelerated placement in Keppel Infrastructure Trust, which priced in May at S$0.52 per unit. On Monday it closed at S$0.535.
Manulife US Reit is coming...