Singapore investor acquires offices in San Diego and Florida for $246m

The manager of Singapore-listed Prime U.S. REIT has entered into purchase agreements to acquire office towers located in San Diego and Florida for $245.5 million. The acquisition marks the REIT’s entry into the two markets.

The San Diego asset, Sorrento Towers, comprises two seven-story office towers with a total net leasable area of 296,327 square feet. The other asset, One Town Center, is a 10-story office tower located in Boca Raton, Fla., with a net leasable area of 191,294 square feet.

The manager also announced the launch of a private placement to raise gross proceeds of up to $80 million, with an upsize option for a further $20 million, which will be used to partially finance the acquisition.