Prime US REIT divests One Town Center to Miles Capital for US$82m

It sold the property below its valuation.

Prime US REIT has divested One Town Center in Boca Raton, Florida, to Miles Capital for US$82.0m.

The price consideration is slightly lower than its valuation of US$84.8m.

The divestment will reduce the REIT's aggregate leverage to 45.5% from 48.4% on a pro forma basis post-completion.

The divestment will also provide immediate additional liquidity to the manager, allowing it to operate the portfolio with greater financial flexibility.

The REIT expects to complete the divestment in July.

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