City Office REIT, Inc. entered into a purchase and sale agreement to sell the Phoenix Portfolio for $296.0 million.
The first closing of the sale transaction amounts to $266.0 million, representing six out of seven properties in Phoenix.
The sale includes properties like Block 23, Pima Center, and Camelback Square.
Sale Transaction Details
First closing gross sales proceeds at $266.0 million with remaining property under contract for $30 million.
Credit Agreement Amendment
Reducing available commitment for revolving credit facility to $150 million in conjunction with the sale.
Pro Forma Financial Statements
Illustrating the effect of the disposition of the Phoenix Portfolio on the balance sheet and operations of City Office REIT, Inc.
- The sale of the Phoenix Portfolio will lead to a significant reduction in the company's real estate properties assets and cash holdings.
- The amended credit agreement signals a strategic move to reallocate funds and pay down existing debt.
- The pro forma financial statements provide insights into the potential impact on City Office REIT, Inc.'s financial position and operations.
City Office REIT, Inc.'s sale of the Phoenix Portfolio marks a key strategic move to optimize its real estate portfolio and financial structure.