Manulife US REIT's Debt Restructuring Could Restore Value -- Market Talk

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Manulife US REIT's Debt Restructuring Could Restore Value -- Market Talk

Dow Jones2023-12-07

0649 GMT - Manulife US REIT's debt-restructuring package seems like the best way to restore long-term value to unitholders, RHB Research analyst Vijay Natarajan says in a research report. To resolve loan-covenant breaches, the REIT will raise US$287 million via the divestment of its Park Place property in Arizona, secure a loan from its sponsor and draw down its cash holdings, the analyst notes. The REIT is also selling off other assets, and has identified four non-core Tranche-1 assets for priority sale, the analyst adds. RHB keeps a buy call on the REIT but cuts its target price to US$0.13 from US$0.25 based on an estimated 0.35X 2025 book value. Units fall 4.2% to US$0.069. (ronnie.harui@wsj.com)

(END) Dow Jones Newswires

December 07, 2023 01:49 ET (06:49 GMT)

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Barbarazhao
·2023-12-08
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