Does Manulife REIT have any plans to steer its composition of purely commercial office freehold portfolio to have some mixture comprising Data Centres ? Any acquisition plans in place ?

Now that we are more than 3 years from IPO, we do not have to call for an EGM should we wish to diversify into another sector.

That said, the capitalisation rates/yields for data centres are lower than office and will make it difficult for us to acquire accretively. Since COVID, we have been looking aggressively for distress assets but the ones that we are seeing are mostly from New York. The yields are still too low in the 5% range and will not be accretive for MUST. Sellers are asking for pre-COVID price and buyers at COVID price. We will continue to be on the lookout and will only buy at the right price, at the right time.