- Prime US REIT is on the verge of completing its refinancing, with three lenders in its syndicate of four banks in the final stage of legal documentation.
- Prime US REIT's share price trades at a depressed P/NAV of 0.22x, which already reflects a prolonged downturn in the US office market.
- - Read this at SGinvestors.io -
Closed to finalising refinancing.
- Prime US REIT (SGX:OXMU) is working with a syndicate of four banks on the refinancing for its credit facilities of US$600m. Three lenders are in the final stage of legal documentation. One lender has requested additional time to finalise internal documentation.
- - Read this at SGinvestors.io -
Deleveraging through divestment.
- Prime US REIT has completed the divestment of One Town Center in Boca Raton, Florida for US$82m on 10 Jul 24 (3.3% below valuation of US$84.8m). We view the selling price as attractive given the current dire outlook for the office market.
- The divestment proceeds will be utilised to pare down debts and fund capex required to drive new leasing activities. Aggregate leverage is expected to decline from 48.4% to 45.8% assuming proceeds are fully utilised to repay debts.
Maintaining strong leasing momentum
- Read more at SGinvestors.io.
