- Highwoods Properties (NYSE:HIW) to acquire core portfolio (four Class A office assets in Charlotte and Raleigh and one mixed-use redevelopment site in Atlanta) and two non-core assets from Preferred Apartment Communities (NYSE:APTS) for $769M including improvements and transaction cost.
- The value of the non-core assets is less than 12% of the total investment.
- The transaction includes the assumption of four secured loans collateralized by the core office buildings estimated to be recorded at fair value of $403M in the aggregate, with a weighted average effective interest rate of 3.7% and a weighted average maturity of 10.8 years.
- The Company plans to fund the acquisition by accelerating the sales of existing non-core assets.
- The acquisition is scheduled to close during Q3'21, subject to necessary approvals.
- Press Release