The REIT had earlier sold another property called Capitol for a net consideration of US$110 million. By doing so, the REIT was able to pay off US$130.7 million of loans maturing this year, in November 2024.
Manulife US REIT, which is trying to reduce debt, has sold one of its properties — 500 Plaza — and will book net proceeds of some US$39 million ($52.29 million).
The latest independent valuation of the asset was US$43.7 million, as at Dec 31, 2024.
