VANCOUVER, March 9, 2018 /PRNewswire/ -- City Office REIT,
Inc. (NYSE: CIO) ("City Office" or the "Company") announced today
that it has completed the previously announced sale of its
Washington Group Plaza property in Boise,
Idaho for a gross sale price of $86.5
million before customary closing and transaction
costs.
Proceeds from the sale will be used to repay approximately
$32.1 million of mortgage debt and
for general working capital purposes, including repayment of
amounts outstanding under the Company's Secured Credit Facility and
potential future property acquisitions. The Company
structured the transaction as a part of a reverse like-kind
exchange under Section 1031 of the Internal Revenue Code, as
amended.
"The four office buildings that comprise Washington Group Plaza
were contributed to City Office as part of the initial public
offering in April 2014," said
Greg Tylee, Chief Operating Officer
and President. "Since that time, we have implemented
substantial operational improvements and cost savings, increased
the square footage of the buildings by 23,000 square feet through
re-measurement and most recently completed a 148,000 square foot
lease to St. Luke's. These efforts demonstrate our ability to
create and realize value for our shareholders at the property
level."
About City Office REIT, Inc.
City Office REIT is an internally-managed real estate company
focused on acquiring, owning and operating high-quality office
properties located in leading markets in the Southern and Western
United States. City Office currently owns or has an interest
in 4.6 million square feet of office properties. The Company
has elected to be taxed as a real estate investment trust for U.S.
federal income tax purposes.
Forward-looking Statements
This press release contains "forward-looking statements" within
the meaning of the "safe harbor" provisions of the Private
Securities Litigation Reform Act of 1995 and other federal
securities laws. All statements that are not statements of
historical facts are, or may be deemed to be, forward-looking
statements. These factors include, but are not limited to,
the Company's ability to acquire additional properties on the terms
and timing it expects, if at all. These and other material risks
are described in the Company's Annual Report on Form 10-K for the
year ended December 31, 2017 and any
other documents filed by the Company from time to time, which are
available from the Company and from the SEC, and you should read
and understand these risks when evaluating any forward-looking
statement. The Company does not have any obligation to publicly
update any forward-looking statements to reflect subsequent events
or circumstances.
Contact
City Office REIT, Inc.
Anthony Maretic, CFO
+1-604-806-3366
investorrelations@cityofficereit.com
View original
content:http://www.prnewswire.com/news-releases/city-office-reit-announces-sale-of-washington-group-plaza-property-for-865-million-300611358.html
SOURCE City Office REIT, Inc.