Prime US Reit acquiring two office assets for US$245.5m, to be part funded by placement
THE manager of Prime US Reit has agreed to acquire two properties in the US for US$245.5 million, with the purchase to be partially funded through a private placement exercise to raise gross proceeds of at least US$80 million.
Comprising two freehold seven-storey Class A office towers, Sorrento Towers sits above a three-level podium garage at 5355 and 5375 Mira Sorrento Place, San Diego, California, and will be acquired by the real estate investment trust (Reit) at its valuation price of US$146 million.
It was built in 1989 with its last refurbishment completed in 2020, and comes with a net leasable area (NLA) of 296,327 square feet (sq ft) as well as 1,052 parking lot spaces at 3.9 lots per 1,000 sq ft.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
UBS weighs synthetic risk transfer amid capital boost proposals
Oil settles higher on supply concerns in the Mid-East, economic woes subdue gains
S-Reits falter as investors weigh possibility of zero rate cuts in 2024
CapitaLand Investment posts total revenue of S$650 million for Q1
Europe: Stoxx 600 logs best day in three months as banks shine
US: Stocks rally after strong tech results