Hudson Pacific Properties (HPP -1%) announced that it sold the remaining six buildings of Peninsula Office Park in San Mateo for $210M before credits, prorations and closing costs. The all-cash transaction represents a 5.1% premium to the company’s GAAP basis and a 15.4% premium to the allocated purchase price.
Net proceeds were used to repay amounts outstanding on the company’s revolving credit facility and for general corporate purposes.
“The sale of Peninsula Office Park’s remaining six buildings exemplifies our approach to recycling capital to further focus on strategic holdings in our core markets. We will continue to enhance our already high-caliber office portfolio by capitalizing on favorable market conditions, and we are always looking for creative ways to maximize value for our shareholders. We intend to re-deploy proceeds from this successful two-part sale to fund prudent, long-term growth, including the acquisition of higher-yielding opportunities”, commented Victor Coleman, Chairman and CEO Hudson Pacific.
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