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Manulife US forays into Sacramento, Calif., with US$198.8M office building buy

Manulife US REIT is marking its maiden foray into Sacramento, Calif., with a US$198.8 million deal for the acquisition of the office building at 400 Capitol Mall.

The targeted 29-story freehold property has a net lettable area of 500,662 square feet and 1,094 parking spaces. It is valued at US$200.5 million and is 94.9%-leased to 44 tenants, with a weighted average lease expiry of 5.9 years by net lettable area. It is also the tallest building in the city, according to a news release.

The Singapore-listed real estate investment trust expects to spend approximately US$206.1 million for the transaction. It intends to finance the acquisition using a combination of loans and its planned equity fundraising, which comprises a roughly US$142.1 million private placement of new units and a preferential offering of new units.