Manulife US REIT to Sell Figueroa Property in Los Angeles for USD 92.5 Million

NewTimeSpace News: On March 30, 2026, Manulife US REIT disclosed its plan to proceed with the divestment of the Figueroa Property. According to the announcement, the indirect wholly-owned subsidiary of the REIT will act as the seller for this transaction, with the Los Angeles Department of Water and Power as the buyer, at a sale price of USD 92.5 million. The transaction is subject to the approvals of the Board of Water and Power Commissioners and the Los Angeles City Council. The buyer will only execute the purchase and sale agreement upon obtaining the requisite approvals, with the agreement expected to be fully signed in May 2026 and the transaction completed in the second quarter of 2026.

Pursuant to the announcement, the net proceeds from the sale are approximately USD 82.4 million, which will be used to prepay the outstanding loans maturing in 2026, make partial repayments of loans maturing in 2027 and fund capital expenditures, helping to optimize financial ratios and diversify the investment portfolio.

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