Manulife US Real Estate Investment Trust (SGX:BTOU) or MUST completed the sale of a 35-storey office building in Los Angeles to a municipal entity for $92.5 million, according to a Wednesday filing in Singapore.
Net proceeds from the sale of its Figueroa property, set at about $82 million, to settle its outstanding loan due in 2026 and partially repay loans due in 2027, MUST said.
The sale will help MUST achieve a minimum sales target of $328.7 million under a master restructuring agreement with lenders.
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