Manulife US REIT Likely in Urgent Need of Active Support From Sponsor -- Market Talk

Dow Jones2023-07-19

0547 GMT - Manulife US REIT is likely in urgent need of active support from its sponsor, Manufacturers Life Insurance, following the REIT's worse-than-expected double-digit portfolio valuation decline, RHB Research analyst Vijay Natarajan says. The steep valuation drop led to a breach of official gearing limits and a breach in loan covenants, he notes. The sponsor has a strong financial position, which could provide support via avenues including completion of proposed acquisition of Phipps Tower from the REIT, the analyst says in a research note. RHB stays buy on the unit but lowers target price to $0.25 from $0.40. Units are down 31% at $0.117. (ronnie.harui@wsj.com)

(END) Dow Jones Newswires

July 19, 2023 01:47 ET (05:47 GMT)

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The sponsor has a strong financial position, which could provide support via avenues including completion of proposed acquisition of Phipps <a href=\"https://laohu8.com/S/TWR.AU\">Tower</a> from the REIT, the analyst says in a research note. RHB stays buy on the unit but lowers target price to $0.25 from $0.40. Units are down 31% at $0.117. 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The steep valuation drop led to a breach of official gearing limits and a breach in loan covenants, he notes. The sponsor has a strong financial position, which could provide support via avenues including completion of proposed acquisition of Phipps <a href=\"https://laohu8.com/S/TWR.AU\">Tower</a> from the REIT, the analyst says in a research note. RHB stays buy on the unit but lowers target price to $0.25 from $0.40. Units are down 31% at $0.117. 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