Singapore-based KBS US Prime Property Management has bought two office buildings in the US for a total of US$247.7m (€208m) on behalf of the Singapore-listed Prime US REIT.
The buildings, Sorrento Towers and One Town Center are located in San Diego, California and Boca Raton, Florida, respectively.
The manager said the acquisition of Sorrento Towers, in Sorrento Mesa, would expand Prime US REIT’s footprint to Southern California, providing exposure to the technology and life science-focused economy of San Diego.
The acquisitions would be part-funded by a private placement to raise US$80m and debt facilities.
Prime US REIT, which listed on the Singapore stock exchange in 2019, has a portfolio of 12 assets valued at US$1.4bn across 11 key US office markets.
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