Manulife US REIT, in its deleveraging effort, is announcing the divestment of Tanasbourne (in Hillsboro, Oregon) for US$33.5 million:
In an announcement on Wednesday (Apr 12), the Reit said it will book a net loss of US$400,000 from the divestment.
The divestment comes as Manulife US Reit seeks to lower its leverage, which stood at 48.8 per cent as at Dec 31, 2022. Assuming all the net proceeds from the divestment are used to repay debt, the Reit’s gearing will fall to 48 per cent.
Data from Manulife US Reit’s annual report for 2022 indicated that Tanasbourne was valued at US$33.5 million as at Dec 31, 2022, the lowest among all its assets.