Manulife US REIT completes divestment of Park Place in Arizona, US
The divestment is part of the REIT’s recapitalisation plan.
Manulife US REIT, through its wholly-owned subsidiary, Hancock S-REIT Chandler LLC, has completed the divestment of Park Place in Chandler, Arizona, United States.
The REIT sold the property to John Hancock Life Insurance Company.
Post-divestment, the REIT’s portfolio consists of 10 office properties in the United States located in Arizona, California, Georgia, New Jersey, Virginia and Washington, D.C..
The divestment of Park Place is part of the REIT’s recapitalisation plan, which aims to provide “immediate liquidity and more time for MUST to strengthen its portfolio.”
In 1H23, MUST’s portfolio valuations declined by 14.6% to US$1.6b, resulting in the REIT breaching a financial covenant in its existing loan facilities requiring the percentage of its consolidated total unencumbered debt to consolidated total unencumbered assets to be not more than 60%.
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