Manulife US REIT divests property in Oregon for US$33.5m
The REIT sold the property to John Hancock Life Insurance Company.
SGX-listed Manulife US REIT, through its subsidiary Hancock S-REIT Portland LLC, will divest its property in Hillsboro, Oregon.
The property known as “Tanasbourne” was sold to John Hancock Life Insurance Company for US$33.5m.
Tanasbourne is a 132,851-square-foot office campus comprising three flex-office buildings constructed between 1986 to 1995 and refurbished in 2015, 2017 and 2020.
As of 31 December 2022, Tanasbourne is 100.0% occupied with a weighted average leased to expiry of 3.8 years.