<article><a href="http://dealstreetasia.com/tag/manulife-US-REIT" target="_blank" rel="noopener">Manulife US REIT</a>, a pure-play US office real estate investment trust (REIT), is planning the acquire an office property asset in New Jersey for a consideration of $332 million ($450.1 million).</article>

<a href="http://dealstreetasia.com/tag/manulife-US-REIT" target="_blank" rel="noopener">Manulife US REIT</a>, a pure-play US office real estate investment trust (REIT), is planning the acquire an office property asset in New Jersey for a consideration of $332 million ($450.1 million).
With a net lettable area (NLA) of over 730,000 square feet, the property will be the largest acquisition to date by the REIT.
The office property,10 Exchange Place, is located on the Hudson River waterfront in New Jersey and is a freehold Class A, a 30-storey office tower with views of the Manhattan, NYC skyline and the Statue of Liberty.
It has 25 tenants with the top five being Amazon Corporate, ACE American Insurance Company, Rabo Support Services, Kuehne &amp; Nagel, Inc. and Opera Solutions.
According to details in a <a href="http://infopub.sgx.com/FileOpen/MUST%20-%20Despatch%20of%20Circular%20Announcement_Final.ashx?App=Announcement&amp;FileID=469426" target="_blank" rel="noopener">filing</a>, the purchase price of $313.2 million (S$424.7 million) is a 5.1 per cent discount to Colliers International’s appraised value of $330.0 million.
The acquisition saw the REIT issue 299,288,423 new units to raise gross proceeds of approximately $208.0 million (S$282 million)  with an issue price of $0.695 per rights unit. Unit holders will be able to subscribe to 41 rights units for every 100 existing units held, with the issue price at a 28 per cent discount to its closing price of 96.5 US cents on Friday.
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Jill Smith, chief executive of Manulife US Real Estate Management said, &#8220;This acquisition demonstrates our ability to grow inorganically through the addition of another yield accretive property at the right price. In just over one year, our assets under management have grown by 68.1 per cent from US$777.5 million to US$1.3 billion.&#8221;
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Manulife US REIT is to acquire 10 Exchange Place in New York City, an office property along the Hudson River, for a consideration of $332 million.

Singapore: Manulife US REIT acquires New Jersey office property for $332m

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Singapore: Manulife US REIT acquires New Jersey office property for $332m

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