Units of recently-listed office REIT, Manulife US REIT, have closed about 4.8% lower from its offer price of USD0.83 to finish at USD0.79 at the end of its first trading day on the Singapore Exchange.

Units of the REIT opened at USD0.82 at 2 p.m. and continued to slide to USD0.795 cents about 15 minutes later. 42 million units of the REIT changed hands for the day.

Manulife US REIT’s debut on the Singapore Exchange on 20 May represents its second attempt to list a REIT of its properties in Singapore. An earlier attempt in July 2015 was shelved due to volatile market conditions.

The REIT has offered a dividend yield of as much as 6.7% for 2016 and 7.2% in the year after, according to a prospectus filed with the Monetary Authority of Singapore.

Manulife US REIT’s initial portfolio comprises of three freehold office properties. These are namely 865 South Figueroa Street in Los Angeles, California, 3161 Michelson Drive in Irvine, California and 1100 Peachtree Street in Atlanta, Georgia.

Among cornerstone investors that have committed to the REIT include Oman Investment Fund, Fortress Capital Asset Management and a number of private-banking clients of DBS Bank Limited.