Manulife US REIT (SGX:BTOU) plans to repay its $130.7 million debt maturing in 2025 after selling 400 Capitol Mall in Sacramento, California, for $117 million, according to a Monday filing on the Singapore Exchange.
The all-cash transaction improves Manulife US REIT's liquidity and supports its strategic recovery amid challenges in the US office market.
The move is expected to improve MUST's pro forma leverage to 54.2% from 56.3% and reduce the weighted average interest cost to nearly 4.16%.
This sale achieves 47% of the 2024 Net Proceeds Target of $230 million and 33% of the 2025 target of $328.7 million under the master restructuring agreement.
Following the transaction, Manulife US REIT will retain nine properties in the US totaling about 4.6 million square feet.
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