[SINGAPORE] The manager of Manulife US real estate investment trust (Reit) announced on Sunday (May 11) that it has agreed to sell Peachtree, a 28-storey Class A office building in Atlanta, Georgia for US$133.8 million.

Manulife US REIT has agreed to sell Peachtree, a 28-storey Class A Atlanta office tower, for US$133.8 million, with completion targeted in Q3 2024. After fees, roughly US$130 million will be used to pay down part of a US$405 million term loan maturing in July 2026, trimming that facility by about 32 % and extending the REIT’s weighted-average debt maturity to 2.9 years. The divestment removes 5.9 % of portfolio net lettable area and 6.8 % of FY 2023 net property income. Accountants should anticipate a one-off disposal gain/loss entry, lower future rental revenue, and reduced interest-expense projections.
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