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.