<article>Manulife US REIT in Singapore has acquired an office property in New Jersey while property group Hiap Hoe has purchased a hotel in the British city of Manchester.</article>

Manulife US REIT in Singapore has acquired an office property in New Jersey while property group Hiap Hoe has purchased a hotel in the British city of Manchester.
<h3>Manulife US REIT makes maiden acquisition, raises funds with private placement</h3>
<a style="color: #000080;" href="http://dealstreetasia.com/tag/manulife-us-reit" target="_blank" rel="noopener noreferrer">Manulife US REIT</a> is acquiring 500 Plaza Drive, an 11-storey Class A office building in New Jersey, US, for a consideration of $115 million (S$159 million).
According to a stock exchange <a style="color: #000080;" href="http://infopub.sgx.com/FileOpen/Manulife%20US%20REIT%20-%20Press%20Release.ashx?App=Announcement&amp;FileID=458287" target="_blank" rel="noopener noreferrer">filing</a>, a combination of debt and equity from loans and a proposed private placement of 73.6 million new units priced between $0.817 and $0.842 per each are expected to finance the acquisition.
Together with an upsize option of 24.9 million new units, the private placement to institutional and other investors could raise up to $80.5 million in total. Of this sum, $75 million will be used to partially fund the acquisition.
The issue price range represents a discount of between 5.6 per cent and 8.4 per cent to the volume weighted average price (VWAP) of $0.8917 per unit for all trades done on Monday.
500 Plaza Drive is minutes away from New York City via the Lincoln Tunnel and located within Northern New Jersey’s Meadowlands office market, which is an alternative location to Manhattan’s office submarket and home to many corporate headquarters and Fortune 500 companies.
With the addition of 500 Plaza, the total portfolio valuation of the REIT will increase by 13.9 per cent from $834.2 million to $950.2 million post-acquisition as at 31 March 2017.
<h3>Hiap Hoe to acquire Manchester hotel</h3>
Real estate group <a style="color: #000080;" href="http://dealstreetasia.com/tag/hiap-hoe" target="_blank" rel="noopener noreferrer">Hiap Hoe</a> is planning to acquire Trafford City Hotel Limited for a consideration of £26.3 million (S$46.5 million). The deal will be funded through a combination of internal resources and debt.
The firm owns the Holiday Inn Express Trafford City, Mercury Way in the city of Manchester, UK. This is a limited service hotel located in the Trafford area of Manchester. Branded as a Holiday Inn Express in accordance with a franchise agreement with IHG Hotels, it is managed by Tower Hotel Management, a subsidiary of The Peel Group.
In the process of acquiring the entity, Meteorite Assets, a subsidiary of Hiap Hoe, established a new wholly-owned subsidiary, Meteorite Asset (MAL). This established wholly-owned subsidiary, Meteorite Manchester (MML) to carry out the acquisition.
Both MAL and MML are investment holding companies in the UK. These entered into an agreement with a consortium comprising UK companies Topland (No.18), Mill Lane Estates and Marick Capital to acquire Trafford City Hotel.
According to the company, Hiap Hoe believes the acquisition represents an opportunity for the group’s maiden foray into UK’s hospitality industry and will further strengthen its recurrent income stream.
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Manulife US REIT has acquired an office property in New Jersey while Hiap Hoe has bought a Manchester hotel.

Singapore: Manulife US REIT acquires asset; Hiap Hoe buys Manchester Hotel

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Singapore: Manulife US REIT acquires asset; Hiap Hoe buys Manchester Hotel

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