Manulife US REIT (MUST) has secured the mandate needed to carry out its proposed recapitalisation plan.

The unitholders mandate was secured via three resolutions that were tabled at an extraordinary general meeting (EGM) on 14 December.

The first resolution, which concerns the divestment of Park Place to its sponsor for USD98.7 million, was approved with 97.74% votes in favour of it.

A second resolution, which pertains to a USD137 million from its sponsor, was approved with 97.55% of votes in favour of the move.

Meanwhile, a third resolution to approve a disposition mandate that would allow the REIT to jettison its assets was approved with 98.07% of votes in favour of the move.

On the back of these approvals, units of MUST closed the trading day on 15 December about 6.4% higher from its previous close at USD0.083.

Related: Manulife US REIT allays concerns over USD137 million loan from sponsor

By Shariffa Al-Habshee

Shariffa joined REITsWeek in 2017, and monitors Asia-Pacific REITs for the publication.