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Canada's Manulife shelves Singapore REIT IPO: IFR

Reuters

SINGAPORE (Reuters) - Canada's Manulife Financial Corp has shelved its plan to raise $421 million through a Singapore listing of a real estate investment trust (REIT) backed by three U.S. office properties, IFR reported on Monday.

The IPO is likely to be re-launched when market conditions improve but no time-frame has been fixed, IFR cited a source close to the transaction as saying.

The books for the IPO were scheduled to close last Friday but demand did not materialize after the Greek crisis, IFR reported.

Manulife did not immediately offer any comment.

Manulife was looking to sell 694.4 million units, including cornerstone units, at S$0.82 each, making the initial public offering Singapore's biggest in a year.

(Reporting by S. Anuradha of IFR; Additional reporting by Denny Thomas in HONG KONG; Editing by Ryan Woo)