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.