Manulife plans US $450 M IPO of U.S. real estate assets in Singapore: sources

Manulife Financial Corp. is seeking to list some of its U.S. property assets in Singapore in the second half of the year in an initial public offering worth US$450 million, two people familiar with the deal said. The listing would use the real estate investment trust structure, they said, declining to be identified as the deal has not been formally announced. The IPO may help lift a drought for new listings in Singapore, which has been one of the weakest IPO markets in Asia this year. Singapore has, however, traditionally been popular for REIT and business trust listings, which offer high dividends to attract high net-worth individuals as well as institutional and retail investors. DBS Bank and JPMorgan are advising Manulife on the IPO, the people said. Manulife’s U.S. real estate portfolio had a market value of US$6.3 billion as of December, according to its website.