Manulife US REIT (MUST) has appointed Citigroup Global Markets Singapore as its financial advisor in relation to a strategic review exercise.

As reported by REITsWeek in early-November 2022, MUST is reviewing its investment mandate as an office assets-only REIT as part of a wider strategic review.

Related: Manulife US REIT ponders mandate as an office-only REIT amid economic headwinds

The REIT has also established a strategic working group comprising the senior members of the manager and its board.

Citigroup will assist the strategic working group in its review, said the REIT in a 25 November statement.

“There is no assurance that Manulife US REIT will implement any of the options identified through the strategic review”, it added.

The REIT will make further announcements as appropriate when there are further developments on this.

MUST was last done on the Singapore Exchange at USD0.37, which presently implies a distribution yield of 14.11% according to data on the Singapore REITs table.