Real Estate, General Equities

Will Tan

Thematic (Sector/Industry)

This is a weekly summary covering the week of 18 Sept 2017 on news flow reported in the media and updates on the Singapore REIT (S-REIT) sector, along with recap on notable research by the Smartkarma community.

This is a weekly summary covering the week of 18 Sept 2017 on news flow reported in the media and updates on the Singapore REIT (S-REIT) sector, along with recap on notable research by the Smartkarma community.

Weekly Summary: What Transpired in the S-REIT Scene - Cromwell IPO Off, CCT Bags a Big One

This is a weekly summary of news flow reported in the media and updates on the Singapore REIT (S-REIT) sector, along with a recap on notable research by the Smartkarma community.<h2>The Works - Newsflow, updates and our take</h2><ul class=""><li>Reported in the media, it is confirmed that a KBS Realty-Keppel JV is targeting to raise US$500 million from IPO of US office assets later this year in 2017. Keppel Capital and KBS Pacific Advisors would jointly sponsor this upcoming REIT, which would be the second US REIT…</li></ul>

This is a weekly summary of news flow reported in the media and updates on the Singapore REIT (S-REIT) sector, along with a recap on notable research by the Smartkarma community.The Works - Newsflow, updates and our takeReported in the media, it is confirmed that a KBS Realty-Keppel JV is targeting to raise US$500 million from IPO of US office assets later this year in 2017. Keppel Capital and KBS Pacific Advisors would jointly sponsor this upcoming REIT, which would be the second US REIT…

Weekly Summary: What Transpired in the S-REIT Scene

Equity Bottom-Up

Manulife US REIT (MUST) / Equity Bottom-Up

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<a href="https://www.smartkarma.com/entities/567" target="_blank" data-smartkarma-citation="entities:567:1">Manulife US REIT (MUST SP)</a> (Manulife) announced the acquisition of a freehold office building, 10 Exchange Place, in New Jersey, US from its Sponsor (via John Hancock Life Insurance Company USA). This second acquisition since Manulife's listing is an interested party transaction (IPT) and subject to unitholders’ approval via EGM on 19 Sept 17.
The acquisition price of US$313.2 million will be partly funded by a rights issue at issue price of US$0.695 per rights unit to raise gross proceeds of…
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Manulife US REIT (MUST SP) (Manulife) announced the acquisition of a freehold office building, 10 Exchange Place, in New Jersey, US from its Sponsor (via John Hancock Life Insurance Company USA). This second acquisition since Manulife's listing is an interested party transaction (IPT) and subject to unitholders’ approval via EGM on 19 Sept 17.
The acquisition price of US$313.2 million will be partly funded by a rights issue at issue price of US$0.695 per rights unit to raise gross proceeds of…


Manulife US REIT: Update on Rights Offering - Why Rights, Why Now?

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

In her earliest memories, bedtime stories for Jillian Smith were less about whimsical fables or enchanting tales, and more to do with equity markets, share prices, and the salmon-pink pages of the Financial Times.
"When I was eight, my usual bedtime reading with my father involved poring over pages of the FT and checking stock prices," recalled Smith, the Chief Executive Officer of Manulife US Real Estate Management Pte Ltd, which is the manager of Manulife US REIT.
Manulife US Real Estate Investment Trust, which made its trading debut on SGX about six months ago, is the first pure-play US office REIT to list in Singapore and Asia.
Smith's initiation into the world of investing took place against the backdrop of her grandfather's riches-to-rags saga in the 1930s, which became a cautionary tale for the family.

In her earliest memories, bedtime stories for Jillian Smith were less about whimsical fables or enchanting tales, and more to do with equity markets, share prices, and the salmon-pink pages of the Financial Times.
"When I was eight, my usual bedtime reading with my father involved poring over pages of the FT and checking stock prices," recalled Smith, the Chief Executive Officer of Manulife US Real Estate Management Pte Ltd, which is the manager of Manulife US REIT.
Manulife US Real Estate Investment Trust, which made its trading debut on SGX about six months ago, is the first pure-play US office REIT to list in Singapore and Asia.
Smith's initiation into the world of investing took place against the backdrop of her grandfather's riches-to-rags saga in the 1930s, which became a cautionary tale for the family.

Manulife US REIT: A Play on Vibrant Office Demand

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Capital Markets

Manulife US REIT (MUST) / Equity Capital Markets

After being postponed in July 2015, <a href="https://www.smartkarma.com/entities/567" target="_blank" data-smartkarma-citation="entities:567">Manulife US REIT</a> has relaunched its IPO to raise US$470m.We analysed its listing plans last year - <a href="https://www.smartkarma.com/insights/ample-reasons-to-avoid-mediocre-growth-outlook-high-debt-and-no-ipo-discount-to-singapore-peers" target="_blank" data-smartkarma-citation="insights:995">Ample reasons to avoid - mediocre growth outlook, high debt and no IPO discount to Singapore peers</a>. The IPO was subsequently shelved. In this insight, I examine what has changed.

After being postponed in July 2015, Manulife US REIT has relaunched its IPO to raise US$470m.We analysed its listing plans last year - Ample reasons to avoid - mediocre growth outlook, high debt and no IPO discount to Singapore peers. The IPO was subsequently shelved. In this insight, I examine what has changed. 

Manulife US REIT IPO Relaunched: Several Issues Unresolved

Singapore

Manulife US REIT is a Singapore listed REIT established with the investment strategy principally to invest, directly or indirectly, in a portfolio of income-producing office real estate in key markets in the United States, as well as real estate-related assets.

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Manulife US REIT (MUST) (MUST SP)

Weekly Summary: What Transpired in the S-REIT Scene - Cromwell IPO Off, CCT Bags a Big One

This is a weekly summary covering the week of 18 Sept 2017 on news flow reported in the media and updates on the Singapore REIT (S-REIT) sector,...

Will Tan

Weekly Summary: What Transpired in the S-REIT Scene

This is a weekly summary of news flow reported in the media and updates on the Singapore REIT (S-REIT) sector, along with a recap on notable...

Will Tan

Manulife US REIT: Update on Rights Offering - Why Rights, Why Now?

Manulife US REIT (MUST SP) (Manulife) announced the acquisition of a freehold office building, 10 Exchange Place, in New Jersey, US from its...

Will Tan

Manulife US REIT: A Play on Vibrant Office Demand

In her earliest memories, bedtime stories for Jillian Smith were less about whimsical fables or enchanting tales, and more to do with equity...

Singapore Exchange Ltd (SGX)

Manulife US REIT IPO Relaunched: Several Issues Unresolved

After being postponed in July 2015, Manulife US REIT has relaunched its IPO to raise US$470m.We analysed its listing plans last year - Ample...

Ke Yan, CFA, FRM

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)