Arizona Office Campus

Manulife US REIT Completes Sale Of Arizona Office Campus

USA – Manulife US REIT, a real estate investment trust (REIT) listed in Singapore, announced that it has completed the divestment of Park Place, an office campus in Chandler, Arizona to John Hancock Life Insurance Company (U.S.A.), an indirect wholly-owned unit of its sponsor, according to a Singapore Exchange (SGX) filing published on Monday morning (18 December, SGT).

Located along South Price Road, the commercial property comprises two grade A office buildings collectively measuring 274,700 sq ft.

According to Manulife Investment Management’s website, the office campus comes with a courtyard, a conference centre, an outdoor gathering area, and a three-storey lobby atrium. Apart from having ample parking space, there is also a standard canopy, and solar canopy stalls.

Moreover, the two office properties feature tall finished ceiling heights, an elegant window line that lets in abundant sunlight, and an efficient/flexible floor plate that can accommodate various occupant requirements.

Meanwhile, Manulife US REIT disclosed on Monday that it has signed a master restructuring plan in a bid to address its financial problems.

In line with this, it announced that all 12 of its lenders obtained the required approvals in relation to the restructuring of Manulife US REIT’s existing facilities, and the master restructuring plan entails a combination of asset sale and obtaining a sponsor-lender loan.

Pursuant to Rule 704(31) of SGX’s Listing Manual, the master restructuring agreement includes a relevant condition that states that Manulife US REIT would be in default if its manager is not or ceases to be directly or indirectly wholly-owned by its sponsor Manufacturers Life Insurance, or any successor of its sponsor by merger with any corporation that is wholly-owned by Manulife Financial Corporation (MFC), the current ultimate holding company of the sponsor, provided that that successor corporation is wholly-owned by MFC.

As of 18 December 2023, the amount of facilities owed by Manulife US REIT and its subsidiaries that could be impacted by a breach of the relevant condition (including facilities which will be affected as a result of cross defaults) stood at US$1.18 billion.

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