Manulife US Real Estate Investment Trust (BTOU) announced on Dec, 11 2025 that six of its seven lenders have approved extensions to key concessions under its master restructuring agreement.

The approved concessions include moving the deadline to dispose of assets from Dec, 31 2025 to Jun, 30 2026 and keeping relaxed financial covenants—unencumbered gearing capped at 80 per cent and bank interest-coverage ratio at 1.5 times—until Jun, 30 2026 and Dec, 31 2026 respectively. The remaining lender is still seeking internal approval; without that consent, lenders could demand immediate repayment if minimum asset-sale targets are not met.

The trust will seek unitholder approval at an extraordinary general meeting on Dec, 16 2025 for its “Growth and Value Up Plan,” which comprises: • a Disposition Mandate to sell up to three properties for net proceeds not exceeding about 472.5 million Singapore dollars; and • an Acquisition Mandate to buy industrial, living-sector or retail assets in the United States and Canada with an agreed property value of up to about 810 million Singapore dollars.

To facilitate those purchases, the Monetary Authority of Singapore has granted a waiver from paragraph 9.4 of the Property Funds Appendix, allowing the REIT to use debt financing as long as each acquisition is funded with no more than 40 per cent debt, total new borrowings stay within about 1.08 billion Singapore dollars and the overall leverage ratio falls after each deal. The waiver lasts until Apr, 30 2027.

The manager said the board considers the waiver to be in unitholders’ best interests and added that proxy forms for the EGM must be received by Dec, 13 2025 at 2 p.m. Singapore time.