Manulife US REIT's 1100 Peachtree Street in Atlanta. (Photo: Manulife US REIT)Manulife US REIT's 1100 Peachtree Street in Atlanta. (Photo: Manulife US REIT)

Singapore-listed Manulife US REIT clarified in a filing with the Singapore Exchange on 11 October that its plans to acquire one asset a year is a target that the REIT has set for its portfolio growth.

The clarification was filed after local media reports on the same day, citing the REIT’s Chief Investment Officer Jeffrey Wolfe, suggest that the plans to acquire one property a year is definite.

The acquisitions will be focused on secondary cities in the United States that are in the emerging stages of the rental market cycle, said the REIT.

Manulife US REIT first listed on the Singapore Exchange in May 2016 as the only United States-focused office REIT, with an initial portfolio of three 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.

The REIT’s cornerstone investors include Oman Investment Fund, Fortress Capital Asset Management, and a number of private-banking clients of Singapore’s state-owned DBS Bank Limited.

Units of Manulife US REIT finished the trading day more than 2.4% higher from its previous close on the Singapore Exchange to end at SGD0.835.

By Ridzwan Rahmat

Ridzwan has been analysing REITs and business trusts since 2008, and personally manages a portfolio comprising mainly of SGX-listed REITs. He founded REITsWeek in 2013.