Manulife US REIT (MUST), if the IPO is successful, is slated to list on the Singapore Stock Exchange (SGX), at 9:00 pm on July 7, 2015, and would turn out to be the biggest IPO listing on the SGX for 2015. Key factors such as the continued strong growth in the US office market, high foreign demand from the Asia region, specifically China and South Korea, economic growth in the United States are expected to see strong demand for MUST IPO. However, just one day before the proposed listing, the sponsor, Manulife announced that the launch of MUST is delayed due to increased volatility in the equity capital market.

From this case, students are expected to discuss the factors contributing to the aborted listing, the lessons to be learnt, and brainstorm on how to re-launch MUST on the SGX in the future.

Key words: Manulife, REIT, IPO, US office market