Manulife US Real Estate Investment Trust (MUST) has sold an office building in New Jersey for $40m (€38m) to pay down existing debt.
Completed in 1985, 500 Plaza is one of the oldest properties in Singapore-listed MUST’s portfolio.
John Casasante, CEO and CIO of Manulife US Real Estate Management, MUST’s manager, said: “We are pleased to achieve another milestone in our disposition plan with the sale of 500 Plaza. It has enabled us to get an early start on paying down debts maturing in 2026, and we intend to make a full repayment by 30 June this year.
“We are currently in divestment discussions on additional properties which will further contribute towards debt repayment. To achieve this, we are taking a disciplined approach to meet our obligations while carefully evaluating interest from potential buyers.
“Upon repayment of our 2026 debt, we will leverage our sponsor’s global real estate platform to focus on growth opportunities through accretive acquisitions to deliver sustained value to unitholders.”
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