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Manulife US REIT to acquire California office building for $273.5 mil; launches equity fund raising

Stanislaus Jude Chan
Stanislaus Jude Chan9/19/2019 08:37 AM GMT+08  • 4 min read
Manulife US REIT to acquire California office building for $273.5 mil; launches equity fund raising
SINGAPORE (Sept 19): The manager of Manulife US Real Estate Investment Trust says it has entered into a purchase agreement to acquire a freehold 29-storey Class A office building in California for an estimated aggregate purchase consideration of US$198.8
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SINGAPORE (Sept 19): The manager of Manulife US Real Estate Investment Trust says it has entered into a purchase agreement to acquire a freehold 29-storey Class A office building in California for an estimated aggregate purchase consideration of US$198.8 million ($273.5 million).

Including the acquisition fee and the estimated professional and other transaction fees and expenses, the total cost of the acquisition is expected to come up to around US$206.1 million.

Located at 400 Capitol Mall in Sacramento, California, the property has a net lettable area of 500,662 sqft and currently enjoys an occupancy of 94.9% and a WALE of 5.9 years.

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