Manulife US REIT continues to work on deleveraging and is announcing the planned sale of Phipps Tower (in Atlanta) to its sponsor:

The purchase consideration should be no more than the average of two independent valuations commissioned by the Reit’s manager and its trustee, DBS Trustee.

The Reit manager said it aims to enter into a definitive agreement for Phipps Tower’s disposal by June 30, 2023. It will also waive the disposal fee.