Prime US REIT is announcing the acquisition of two office buildings:
- Sorrento Towers in San Diego, California, for US$146 million.
- One Town Center in Boca Raton, Florida, for US$99.5 million.
Both properties are freehold and about 95% leased with WALE of over 6 years.
The trust has also just successfully done a private placement exercise of US$80 million to fund the acquisition, at a price of US$0.81 per new unit.
The operation is expected to be DPU accretive. The Investment Moat blog has a useful discussion about the transaction.