City Office REIT, Inc. entered into a purchase and sale agreement to sell several properties including the Phoenix Portfolio for $296.0 million.
The first closing of the sale transaction for the Phoenix Portfolio resulted in gross sales proceeds of $266.0 million.
Proceeds from the sales will be used to pay down the Company's term loan and revolving credit facility.
Property Sale
Sale of Phoenix Portfolio for $296.0 million with $266.0 million gross sales proceeds.
Financial Impact
Reduced available commitment for the revolving credit facility to $150 million after the sale.
Pro Forma Statements
Presented for illustrative purposes, showing adjustments due to property disposition.
- The sale of the Phoenix Portfolio will impact the Company's financial position significantly.
- Pro forma statements illustrate the expected effects of the sale on historical financial data.
The sale of the Phoenix Portfolio marks a strategic move for City Office REIT, Inc. to optimize its asset portfolio and strengthen its financial position.