United Hampshire US Real Estate Investment Trust (SGX:ODBU) completed the divestment of its Albany Supermarket property in New York for $23.8 million, which aligns with the independent valuation by CBRE, according to a Friday filing on the Singapore Exchange.
The 65,000-square-foot grocery store, leased to Price Chopper, was acquired in 2019 for $22.9 million. United Hampshire REIT expects net proceeds of $23.2 million after transaction costs and plans to use the amount for debt reduction, capital expenditures, and potential acquisitions.
The sale follows United Hampshire REIT's strategy to optimize its portfolio, improve financial flexibility, and lower its aggregate leverage ratio to 37.2% from 41.7% on a pro forma basis.
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