Under the Master Restructuring Agreement (MRA) that was agreed upon in December 2023 after MUST’s EGM, MUST had a net proceed target of US$230 million by end-2024 and a US$328.7 million target by mid-2025.
Manulife US REIT’s (MUST) (SGX:BTOU
) manager announced on Sept 30 the sale of Capitol in Sacramento for US$117 million ($149.81 million) to a buyer who paid cash for the building.
John Casasante, CEO of MUST’s manager, says the buyer acquired the property at a capitalisation rate of 10%. Capitol was last valued at US$158 million (as at end-December 2023), at a cap rate of 7.75%, and was acquired in 2019 for US$198.75 million.
