GLOBAL - Washington Real Estate Investment Trust (WRIT) has decided to dispose of its entire industrial portfolio, as well as two office buildings, in a $350m (€214m) sale that comes after a shift in investment strategy.
WRIT president and chief executive George McKenzie said the decision to get rid of the industrial unit was part of the company's decision to move inside the Washington beltway.
The Greater Washington area, in which it previously invested, includes District of Columbia, Northern Virginia and suburban Maryland.
The decision to sell the industrial assets allowed the company to focus on "assets that better fit our long-term strategy of acquiring properties inside the Beltway, near major transportation nodes and in areas with strong employment drivers and superior growth demographics", McKenzie said.
WRIT has signed several deals with an undisclosed buyer to sell a total of 16 industrial assets, along with the two office buildings located in Galthersburg, Maryland and Chantilly, Virginia.
Of the 16 industrial assets, three sales worth approximately $235.7m were expected to close by next month, while a further deal, representing about $44.6m, expected to close in October.
The final deal of $69.7m of assets is expected to close in early November.
Each of the contracts represents a separate binding obligation to purchase the associated assets, the company said.