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Manulife US REIT Enters High-Growth Markets With Acquisitions In The US

December 1, 2021 – Manulife US REIT announced that it has entered into various purchase agreements to acquire properties in Phoenix, Arizona and Portland, Oregon in the United States.

The purchase agreement are as follows:

  1. a purchase agreement with Tempe Diablo LLC to acquire the property known as Diablo Technology Park located at 2900 South Diablo Way, Tempe, Arizona for a purchase consideration of US$61.75 million;
  2. a purchase agreement with CAZ 5 DE LLC to acquire the property known as Park Place located at 1650 & 1700 South Price Road, Chandler, Arizona) for a purchase consideration of US$106.0 million; and
  3. a purchase agreement with Tanasbourne Property, LLC to acquire the property known as Tanasbourne Commerce Center located at 3188 & 3175 NE Aloclek Drive and 3300 NE 83rd Avenue, Hillsboro, Oregon together with Diablo Technology Park and Park Place for a purchase consideration of US$33.85 million.

“Having built a high-quality portfolio of Trophy/Class A properties since IPO, the next phase of growth for MUST is the entry into high-growth sunbelt/magnet cities. The Acquisitions are in line with MUST’s post-COVID-19 themes and will enhance the current portfolio with higher occupancies, longer WALE and growth tenants in the technology and healthcare sectors,” the REIT said.

“The properties are located in markets that will continue to capture in-migration not only of highly skilled talent pools but also a multitude of technology and healthcare corporates, further driving growth,” it added.

Read more here..

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