The Manager wishes to update Unitholders that the Internal Restructuring has been completed and, as such, Hangzhou Beigang directly owns 100.0% of the equity interests in
Chongxian Logistics, which in turn owns Chongxian Port Logistics. Accordingly, Hangzhou Beigang currently owns both Chongxian Port Logistics and Beigang Logistics Stage 1
(whether directly or indirectly).

With this, the Conditions to the Proposed Divestment which are set out in paragraphs 4.1(i), 4.1(ii) and 4.1(iv) have been satisfied. Completion remains subject to and conditional upon satisfaction or waiver (as the case may be) of the remaining Conditions in paragraphs 4.1(iii), 4.1(v), 4.1(vi) and 4.1(vii) of the Circular no later than the Completion Date, namely:

(i) the receipt of all consents, waivers, confirmations and approvals as may be necessary by the Vendor’s Group for the Transaction under the existing banking facilities of the Vendor’s Group from the existing lenders of the Vendor’s Group;

(ii) there being no objection from the Singapore Exchange Securities Trading Limited and/or the Monetary Authority of Singapore in relation to the Transaction (including
the Transaction Financing and the Promissory Notes Arrangement);

(iii) there having no Material Adverse Change between the date of the Equity Purchase Agreement and the Completion Date; and

(iv) the fundamental warranties set out in the Equity Purchase Agreement remaining true and accurate and not misleading on the Completion Date.

Under the Equity Purchase Agreement, the Proposed Divestment must be completed no later than the Long-Stop Date, and as announced by the Manager on 28 February 2023, the LongStop Date of the Proposed Divestment has been extended to (i) the earlier of (a) the new Mandatory Repayment deadline stipulated by the Lenders pursuant to the New Repayment
Plan (if any) and (b) 30 April 2023; or (ii) such other later date as may be determined by the Vendor.

Discussions remain ongoing with Mirae

Discussions with Mirae on the potential acquisition of shares in the Manager and the subscription of new units in Manulife US REIT (“Mirae Transaction”) continue. In support of the Mirae Transaction, The Manufacturers Life Insurance Company (the “Sponsor”) is also considering a possible subscription for new units to maintain its existing 9.1% unitholding following the issuance of new units to Mirae. Whilst the structure and terms of the transaction are still being discussed, Mirae has expressed that:

1. Mirae and its affiliates would subscribe for an aggregate of more than 9.8% unitholding in Manulife US REIT.
2. Mirae will leverage its client network to bring more institutional investors to subscribe for new units.

The Manager has appointed a US tax adviser to ensure that the subscription of new Units by Mirae will comply with the applicable US REIT tests. The Mirae Transaction does not involve Mirae acquiring the Sponsor’s existing unitholdings in Manulife US REIT. The issuance of new units to Mirae and its affiliates will be subject to approval of unitholders of Manulife US REIT and the Sponsor and its associates will abstain from voting in such resolution. For the avoidance of doubt, no binding definitive agreements have been entered into and there is no certainty or assurance that any definitive agreements will be entered into or that any transaction will materialise from the current discussions. The Manager will make further announcement(s) in accordance with the Listing Manual of the SGX-ST if and when there is any material development.

anyone tendered as well? i tender all my shares in sabana. and currently, it went up 2 cents higher than the tendered price. worst of all, i still not able to know how much is being allocated for me until now, nor it doesn't credit back into my account

anyone in the same boat as me? hopefully they only accept 10-15% of my shareholdings and i am ready to sell remaining and move on bigger reits like cict or ascendas

ken trade

By John Gittelsohn

April 18, 2023 at 7:47 AM GMT+8Updated onApril 18, 2023 at 9:53 PM GMT+8

Brookfield Corp. funds have defaulted on a $161.4 million mortgage for a dozen office buildings, mostly around Washington, DC, as rising vacancies hit property values.

The loan transferred to a special servicer who is working with “the borrower to execute a pre-negotiation agreement and to determine the path forward,” according to a filing on the commercial mortgage-backed security.

Some landlords are defaulting on debt as borrowing costs surge and the prospects of filling up office towers wanes given the rise in remote and hybrid work. Those trends have weighed on values, with prices on high-quality office properties falling about 25% in the past year, according to Green Street. About 4.8% of office properties with CMBS were managed by special servicers in March, up from 3.2% a year ago, according to Trepp.

Brookfield, a major office owner, previously defaulted on debt tied to two Los Angeles buildings, the Gas Company Tower and the 777 Tower. Landlords including Columbia Property Trust, owned by funds managed by Pacific Investment Management Co., and a venture started by WeWork Inc. and Rhone Group have also defaulted on office debt.

Another Brookfield office property in Los Angeles, 725 South Figueroa St., was transferred to a special servicer and placed on watch by Kroll Bond Rating Agency, according to a note Tuesday.

“We have always focused on quality, so 95% of what we own are trophy and Class A buildings that continue to see strong demand globally and benefit from the flight to quality,” Brookfield spokesperson Kerrie McHugh said in an emailed statement. “While the pandemic has posed challenges to traditional office in some parts of the US market, this represents a very small percentage of our portfolio.”

In the Washington metro area, office property values have plunged 36% through March from a year earlier, on par with declines nationwide, according to the Green Street index.

About 43% of workers in the region were in the office during the week of April 5 compared with pre-pandemic levels, according to Kastle Systems. That’s lower than cities such as New York, Chicago and Austin, Texas, but higher than some areas in California that have been particularly hit by the pullback from technology firms.

Among the dozen buildings in the Brookfield portfolio with the $161.4 million debt, occupancy rates averaged 52% in 2022, down from 79% in 2018 when the debt was underwritten, according to the report. Monthly payments on the mortgage’s floating-rate debt jumped to about $880,000 in April from just over $300,000 a year earlier as the Federal Reserve raised interest rates.

Office-related stocks have slumped this year amid concerns about the outlook for the properties. An index of publicly traded office real estate investment trusts dropped 19% this year through Monday’s close. The S&P 500 Index climbed 8% during that time frame.