Manulife US REIT

There are many reits here offer better yields than this , without exchange risk .

A listing in the USA may not bat an eyelid but a listing here would certainly generate interests due to its scarcity - an opportunity to invest in freehold commercial properties in a superpower.

To become a world class exchange, SGX needs to attract foreign companies to list here. Personally, I rather it attract an American REIT with fair valuation than an army of SMEs from countries of poor corporate governance with 'attractive' IPO pricing.

That is on the premise that the underlying assets are quality.

Remember Hutch Port Trust. Big but problematic posting listing...

Intentions of the originator remains questionable... till proven

(17-06-2015, 05:16 PM)Nick Wrote: A listing in the USA may not bat an eyelid but a listing here would certainly generate interests due to its scarcity - an opportunity to invest in freehold commercial properties in a superpower.

To become a world class exchange, SGX needs to attract foreign companies to list here. Personally, I rather it attract an American REIT with fair valuation than an army of SMEs from countries of poor corporate governance with 'attractive' IPO pricing.

(17-06-2015, 03:34 PM)Contrarian Wrote: 1. The size of the IPO at US$500M, in US is it big enough to get attention?

Based on SGX data, at 500 mil USD (roughly 650 mil SGD), it would rank at the lower range of REITs here, ahead of AIMS Property Securities Fund, Saizen, Viva Industrial and Sabana. But there are only 32 REITs here and we are so starved of IPOs this year.

In the US, there are about 177 equity REITs as of 2014, with a total market cap of 846 Billion USD. On average a REIT has a market cap of 4.77billion, so the Manulife REIT would be pretty small in comparison.

https://www.reit.com/data-research/data/...market-cap

I guess they can always stuff properties into the REIT once a listing is successful.

> In the US, there are about 177 equity REITs as of 2014, with a total market cap of 846 Billion USD. On average a REIT has a market
> cap of 4.77billion, so the Manulife REIT would be pretty small in comparison.

Good answer. If there are already solid established names with bigger market cap, it make sense for Manulife to list its REIT here.

Is Manulife very famous name in US? I doubt so. In Asia it has been doing a lot more image building.

> an opportunity to invest in freehold commercial properties in a superpower.
Feel free to go ahead. I pass.

A freehold REIT portfolio which yields 5.5% may be an ok prospect.

Assuming its properties are comparable to FCOT and CCT, Fraser yield is below 5% and majority of its property are 99 year leases, CCT has 5.4% yield and similarly majority of its property are 99 years leases. Therefore, the latter two will have to top up their leases once leases expire or purchase new properties to maintain an overall lease tenure which is long; rarely have REITS sold off their ppty during boom times so I expect for CCT and FCOT, they will keep their properties until lease expiry and cash calls will be made then. But for Manulife, it will not happen since the ppty are freehold.

Please note i made the assumption that the quality of Manulife REITS is of the same as CCT and FCOT. Also assumed payout ratio is the same*

http://btd.sg/1TZAiaW: Manulife US Reit secures six cornerstone investors ahead of S$629m Singapore IPO

(29-06-2015, 03:22 PM)greentea Wrote: http://btd.sg/1TZAiaW: Manulife US Reit secures six cornerstone investors ahead of S$629m Singapore IPO

Anyone have a link for the IPO prospectus, can't seem to find it. Mucho gracias!

The IPO has been delayed...

Manulife delays US REIT IPO in Singapore amid volatile markets

SINGAPORE (July 6): Manulife Financial Corp., Canada’s largest life insurer, has delayed plans for an initial public offering of its U.S. office assets in Singapore because of increased stock-market volatility.

“Depending on market conditions, the IPO is expected to proceed at a later date,” Manulife said in an e-mailed response to a Bloomberg query about the status of the listing.

The life insurer was planning to tap investors, including Oman’s sovereign fund, as it sought to raise $569 million in the biggest Singapore initial public offering in almost a year.
...
http://www.theedgemarkets.com/sg/article...le-markets

(06-07-2015, 02:56 PM)CityFarmer Wrote: The IPO has been delayed...

Manulife delays US REIT IPO in Singapore amid volatile markets

SINGAPORE (July 6): Manulife Financial Corp., Canada’s largest life insurer, has delayed plans for an initial public offering of its U.S. office assets in Singapore because of increased stock-market volatility.

“Depending on market conditions, the IPO is expected to proceed at a later date,” Manulife said in an e-mailed response to a Bloomberg query about the status of the listing.

The life insurer was planning to tap investors, including Oman’s sovereign fund, as it sought to raise $569 million in the biggest Singapore initial public offering in almost a year.
...
http://www.theedgemarkets.com/sg/article...le-markets

Even without the greek crisis, i doubt very much the IPO would be well received. They might want to boost it up with more assets for a more credible debut