The manager of Manulife US Real Estate Investment Trust (MUST) on Thursday (Feb 20) said it is selling 500 Plaza in New Jersey for a net consideration of about US$40 million, as it looks to pare down its debt.

The sale of the office building is expected to be completed by this quarter. The latest independent valuation of the asset, done last Dec 31, was US$43.7 million.

MUST completed the acquisition of the 11-storey, Class-A office building for US$115 million in July 2017.