The extension of the deadline gives MUST until Dec 31 to meet the net sale proceeds target of US$328.7 million.
Manulife US REIT (MUST) has secured approval from lenders to extend the deadline for the disposal of assets by six months to Dec 31, and the use of US$25 million ($32.17 million) to partially pay down debts due in the next three years.
The US$25 million of cash is in addition to proceeds from the latest sale of Peachtree in Atlanta. The REIT sold Peachtree in Atlanta Georgia, a Class A office building, to an unrelated third party on May 11 for US$133.8 million.
