Park Place (Photo: Manulife US REIT)

Manulife US REIT (MUST) has launched a private placement exercise to raise no less than USD80 million.

Proceeds from the placement will be used to partially finance the acquisition of three properties across Arizona and Oregon, which will cost the REIT some USD200 million.

MUST announced earlier on 30 November that it is making a foray into the high-growth markets by acquiring Diablo Technology Park, a Grade A office campus known as Park Place, and a three-building office campus known as Tanasbourne Commerce Center.

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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.