The manager of Prime US REIT has entered into purchase agreements to acquire freehold office towers located in San Diego and Florida for a total consideration of US$245.5 million ($330.2 million).

The manager also announced the launch of a private placement to raise gross proceeds of up to US$80 million, with an upsize option for a further US$20 million, which will be used to partially finance the acquisition.

The San Diego asset, Sorrento Towers, comprises two seven-story office towers with a total net leasable area (NLA) of 296,327 square feet. The purchase consideration for Sorrento Towers amounts to US$146 million.

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