Phipps Tower in Buckhead, Atlanta. (Photo: Manulife US REIT)Phipps Tower in Buckhead, Atlanta. (Photo: Manulife US REIT)

Manulife US REIT has announced the launch of a preferential offering exercise that will see it listing 227,935,981 new units.

The exercise, which will be offered to existing investors on a basis of 22 new units for every 100 existing units, seeks to raise some USD197.2 million for the REIT.

Investors with existing units in Manulife US REIT held as at 5.00 pm on Thursday, 24 May 2018, are entitled to participate in the offering at an issue price of USD0.865 per new unit.

Approximately USD191.1 million raised from the exercise will be used by the REIT to partially fund the proposed acquisition of the office building at 1750 Pennsylvania Avenue in Washington DC, and the office building known as Phipps Tower located at 3438 Peachtree Road, Atlanta, Georgia.

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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.