-- Manulife US REIT's (SGX:BTOU) disposal of the Figueroa property in California is on track to be completed during the second quarter of the year after the City of Los Angeles, through the Department of Water and Power, secured the necessary regulatory approvals and signed the purchase and sale agreement for the asset.
Earlier, the REIT had proposed to divest the property for $92.5 million.
Upon completion, the REIT will have six properties in the US with a net lettable area of around 2.8 million square feet, according to a Wednesday filing with the Singapore Exchange.