Manulife U.S. REIT Seeks Up to $470 Million in Singapore IPO

Manulife Financial Corp., Canada’s largest life insurer, will seek as much as $470 million in its second attempt at a Singapore initial public offering of its U.S. properties as it tries to entice investors with dividend yields higher than some of its peers.

Manulife U.S. REIT, backed by three office buildings in Los Angeles and Atlanta, will offer 566 million units at 82 cents to 83 cents apiece, according to a prospectus filed today with the city-state regulator. The trust will offer a dividend yield of as much as 6.7 percent for this year and 7.2 percent for 2017, the filing said.