Prime US Reit to buy first property post-IPO, Q4 DPU up 9% against forecast

Singapore

PRIME US Reit is shelling out US$165.5 million for a US property located in Sacramento, California - its first property acquisition following its initial public offering (IPO) in July 2019.

The real estate investment trust (Reit) has entered into a purchase agreement with GV/HI Park Tower Owner to acquire the property, with the purchase price of US$165.5 million representing a 2.6 per cent discount to the property's independent valuation of US$170 million as at Jan 16.

The building - called Park Tower, is a freehold 24-storey Class A office tower and five-storey mixe…