Plaza, an 11-storey Class-A office building, was valued at US$43.7 million on Dec 31, 2024. MUST had acquired Plaza for US$115 million in 2017; the move was partly funded by a private placement of some 97 million new units at 83 US cents each, which raised US$80.5 million.
The manager of Manulife US REIT (MUST) accompanied the release of its results for FY2024 ended Dec 31, 2024 with news of another divestment — it would sell 500 Plaza, an office building in New Jersey, for a net consideration of around US$40 million ($53.77 million).
From the divestment, some US$39 million will be used to pay down about 19% of MUST’s 2026 debts. The sale was completed on Feb 25.
