Manulife US REIT Acquires Property, Makes Rights Issue

News about Manulife US REIT

Manulife US REIT is announcing the acquisition of 400 Capitol in Sacramento, California. The 29 storey office building, completed in 1992, has about 46,500 m² of NLA and a 94.9% occupancy with a WALE of 5.9 years.

In order to complete the US$200.5 million purchase, the trust is doing both a US$65 million private placement as well as a US$77.1 million preferential offering for eligible unitholders.

Upon completion, the manager expects an increase of 2.3% in distribution per unit and 0.6% in Net Asset Value per unit.

Manulife US REIT
Price0.071 USD
NAV0.330 USD
Yield (4 quarters)0.00%