Manulife US Reit completes acquisition of Plaza

Singapore

MANULIFE US Reit has completed its maiden acquisition in the US - 500 Plaza Drive (Plaza) in New Jersey - boosting the real estate investment trust's total portfolio valuation by 13.9 per cent to US$950.2 million.

The 11-storey freehold Class A office building has an occupancy of 98.9 per cent and a long weighted average lease expiry of 9.2 years based on committed leases as at March 31, 2017. It also has a net lettable area (NLA) of 461,525 sq ft, raising the Reit's NLA by about 25.9 per cent to some 2.25 million sq ft.