Manulife US REIT divests property in California for US$117m

Divestment proceeds fully repaid the REIT's US$130.7m loan due 2025.

Manulife US REIT has divested its Capitol property in Sacramento, California, for US$117m.

The sale enabled the REIT to fully repay its US$130.7m loan due in 2025 and reduce its gearing ratio from 58.2% to 54%.

The REIT has two of nine remaining properties on the market and is exploring opportunities with off-market buyers and alternative transaction structures.

Year-to-date, it has signed over 689,000 square feet in leases, reaching a 77% occupancy rate by the end of Q3 2024, marking a slight decline from 78.4% in the previous quarter.

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Manulife US REIT

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