Manulife US REIT divests New Jersey property for US$40m

Divestment proceeds will repay 19% of 2026 debt.

Manulife US REIT has signed a purchase and sale agreement to divest an office building in New Jersey, USA.

500 Plaza will be sold for a net consideration of $53.6m (US$40m), with the net proceeds of $52.3m (US$39m) to repay 19% of its 2026 debts.

The sale of 500 Plaza is expected to be completed by Q12025. The latest independent valuation of the asset was $58.6m (US$43.7) as of 31 December 2024.

As of 31 December 2024, Plaza is 71.5% leased by a mix of headquarters tenants. Completed in 1985, 500 Plaza is one of the oldest properties in the REIT’s portfolio.

“Upon repayment of our 2026 debts, we will leverage our Sponsor’s global real estate platform to focus on growth opportunities through accretive acquisitions to deliver sustained value to unitholders,” John Casasante, CEO and CIO of the manager said.

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