WashREIT has entered into a definitive agreement to sell substantially all its office portfolio to a Brookfield Asset Management private real estate fund for an aggregate purchase price of $766 million.
The office portfolio sale consists of 12 office assets, comprising 2.37 million square feet, located in the Washington, D.C., metro area. The transaction is expected to close in third quarter 2021, subject to the satisfaction of customary closing conditions.
The company also has signed a letter of intent to sell its remaining eight retail assets and expects to complete this sale in the third quarter. No assurance can be given as to the timing or ultimate completion of these sales.
The company plans to use the net proceeds from this office portfolio sale and future retail sales to fund the expansion of its multifamily platform through acquisitions in Southeastern markets and to reduce its leverage by repaying outstanding debt.
"We are announcing the most si