News about Manulife US REIT —
Manulife US REIT is announcing the acquisition of 400 Capitol in Sacramento, California. The 29 storey office building, completed in 1992, has about 46,500 m² of NLA and a 94.9% occupancy with a WALE of 5.9 years.
In order to complete the US$200.5 million purchase, the trust is doing both a US$65 million private placement as well as a US$77.1 million preferential offering for eligible unitholders.
Upon completion, the manager expects an increase of 2.3% in distribution per unit and 0.6% in Net Asset Value per unit.