Manulife US REIT plans to divest three properties to raise $453m

This forms part of its Growth and Value Up Plan.

Manulife US REIT announced plans to divest three existing properties and raise $453m (US$350m) in net proceeds, as part of its Growth and Value Up Plan.

It is also seeking shareholder approval to make acquisitions and investments worth up to $777m (US$600m).

It aims that its divestments of Capitol, Sacramento, California, of Plaza, New Jersey, and of Peachtree, Atlanta, Georgia, have raised net proceeds of up to $353.7m (US$273.1m), or $72m (US$55.6m) short in its Master Restructuring Agreement (MRA) targets, Manulife added.

The mandates will enable the REIT to dispose of its existing properties, or acquire properties or investments without approval of the unitholders.

In the firm’s MRA plan, it plans to diversify its portfolio beyond the US office sector into industrial, living, and retail asset classes across the US and Canada.

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Manulife US REIT

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