Manulife delays Singapore REIT listing

Canada’s Manulife Financial Corp has shelved a plan to list a real estate investment trust on the Singapore Exchange (SGX), citing market volatility due to the situation in Greece.

“In light of increased volatility in the equity capital market, the IPO of Manulife US Real Estate Investment Trust (Manulife US REIT) has been delayed,” a spokeswoman for Manulife Financial said on Monday (Jul 6) in response to a query from Channel NewsAsia.

“Depending on market conditions, the IPO is expected to proceed at a later date,” she added.

Manulife was looking to sell 694.4 million units, including cornerstone units, in Manulife US REIT at S$0.82 each, raising around S$569 million.

Had it gone ahead, the IPO would have been the largest in Singapore since Accordia Golf Trust raised S$758.6 million in July and August last year.

Manulife US REIT had filed preliminary prospectus with the Monetary Authority of Singapore (MAS) last month.

Source : Channel NewsAsia – 6 Jul 2015

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