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.