- Why I do not like the entry of Mirae Asset Global Investments into MUST It sure looks to me that the original sponsor, The Manufacturers Life Insurance Company (Manulife), is bailing out
First and foremost, I am vested in Manulife US REIT ("MUST") and I do have mixed feelings over the recent development. Basically, on 15th March 2023, MUST confirmed media reports leaking out earlier news of the potential entry of Mirae Asset Global Investments and a potential sales of stake in MUST Manager as well as a private placement in MUST itself. I was a bit disappointed as I thought that MUST would either sell off 1 or 2 office buildings or even dispose the entire portfolio of office assets- these would be the most value adding options on the table for current unitholders of MUST as it is currently trading at a 50% discount off its Net Asset Value ("NAV") per unit.