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2023-12-08

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

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.

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

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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) \n</p>\n<pre>\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  December 07, 2023 01:49 ET (06:49 GMT)\n</p>\n<p>\n  Copyright (c) 2023 Dow Jones &amp; Company, Inc.\n</p>\n</font>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BK6512":"房地产股","REIT":"ALPS Active REIT ETF","BTOU.SI":"宏利美国房地产投资信托","MFC":"宏利金融","BK6132":"办公室房地产信托","BK4162":"人寿与健康保险","BK6099":"办公房地产投资信托","CFA.SI":"NikkoAM-STC Asia REIT"},"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2389011688","content_text":"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. 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