Manulife seeks to revive S-Reit IPO

Canadian financial services group will attempt to list its US office portfolio in Singapore for the second time, hoping to benefit from an improved yield.
865 South Figueroa Street, one of the three office properties of Manulife US Reit
865 South Figueroa Street, one of the three office properties of Manulife US Reit

Manulife started pre-marketing on Tuesday for an initial public offering in Singapore of its US office real estate investment trust, having failed at the first attempt just nine months ago. 

Bankers familiar with the situation suggest the deal could raise around $500 million, slightly more than the S$569 million $426 million targeted last time.

Manulife has picked Singapore to monetise the assets in the hopes of getting stronger attraction since Manulife US Reit, as the trust is officially named, will be the first pure-play US office Reit to be listed in Asia.

The Canadian financial services group is aiming for a May...

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