Floats: Diversified services group Australian Unity has kicked off efforts to list the near $391 million Australian Unity Office Property Fund on the Australian Securities Exchange.
The group is seeking to raise $155m in the float which has been welcomed by investors eager for new property stocks. 
While Dexus Property Group's $2.5bn takeover play for the Investa Office Fund was voted down by investors last month, Growthpoint Properties Australia appears likely to take over the GPT Metro Office Fund.
"It is good to see people bringing product to market," one fund manager said. "If it is appropriately structured and reasonably priced it will garner good support." The fund spans a portfolio of eight office towers in NSW, Victoria, the ACT, South Australia and Queensland, and Australian Unity has flagged a desire to grow.
Australian Unity Real Estate Investment general manager Mark Pratt said last week the group was well positioned to progress the listing, which was revealed by The Australian a year ago.
Joint lead manager Credit Suisse, which is on the float with UBS and National Australia Bank, yesterday released research valuing the fund's equity at $277m-$292m, with the higher end of the range reflecting a distribution yield of 7.1 per cent, and the lower end at 7.5 per cent.
The float is also being marketed to offshore institutions and represents an attractive return on the global stage.
Yesterday a unit of Canadian insurer Manulife Financial Corporation was tapping the Singapore IPO market for a $US470m float in the country's biggest equity fundraising in nearly two years. The company, which is listing some of its US assets through a real estate investment trust, was seeking to offer a yield of 6.6 per cent this year and 7.1 per cent next.
Credit Suisse, DBS Bank and Deutsche Bank are among the banks advising on the deal.
Manulife's efforts were helped by it securing six cornerstone investors, including sovereign wealth fund Oman Investment Fund, Malaysian asset management company Fortress Capital Asset Management, and DBS Bank private banking clients.In the local offer, Australian Unity will keep a stake of up to 15 per cent in the listed fund, helping to stoke that float's pricing.