Prime US REIT Acquires Sacramento Property

News about Prime US Reit

The manager of Prime US REIT is announcing the acquisition of Park Tower, an office building in Sacramento, California. The freehold property is a 24-storey Class A office with 5-storey of mixed us retail and parking. It comes with a high occupancy ratio of 92.2% and a WALE (by NLA) of 5.6 years.

The US$165.5 million purchase will be funded with the help of a private placement of about US$100 million, which will see the issuance of 129 million new units (an increase of 13% over existing base). The manager expects the complete operation to be DPU and NAV accretive.

Prime US Reit
Price1.070 USD
NAV0.890 USD
Gearing33.7%