(Sept 18): This coming week, at an extraordinary general meeting (EGM) scheduled for Sept 19, unitholders of Manulife US REIT will be asked to vote on the proposed acquisition of a building called 10 Exchange Place in Jersey City, New Jersey for US$312 million ($422 million), and a 41- for-100 rights issue of 299.29 million new units at a deeply discounted price of 69.5 US cents each. Giving their consent for these moves will enable the manager of Manulife US REIT to expand and diversify the real estate investment trust’s portfolio and boost its distributable income. It would also enable the manager to pocket higher recurring fees from the REIT.

Have a premium account? Sign in to continue reading.

Unlimited access to all stories from $4.99/month*

The latest reporting and analysis from business and investments to news and views on social issues.

Bonus:

  • Simultaneous logins across all devices
  • Instant access to past digital issues
  • Unlimited access to The Edge Malaysia
  • *For annual subscription plan only. T&Cs apply

Subscribe