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Manulife US REIT gears up for $569m Singapore IPO
It will sell 694.4m shares.
Manulife Financial Corp., Canada’s largest life insurer, is tapping investors including Oman’s sovereign fund as it seeks to raise $569 million ($421 million) in the biggest Singapore initial public offering in almost a year.
According to a report by Bloomberg, Manulife U.S. REIT is looking to sell 694.4 million units at a fixed price of 82 Singapore cents apiece, according to a prospectus on the Singapore central bank’s website.
The insurer will offer an estimated 6.3 percent dividend yield for 2016 in the Singapore offering of its U.S. office properties. Read the report in full here.
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