Shares of acquirer, owner and operator of high-quality office properties City Office REIT, Inc. (CIO) jumped 30.2% in Friday’s extended trade to close at $16.80 after the company announced that it has entered into definitive agreements to sell its holdings in San Diego’s Sorrento Mesa submarket for $576 million. The company will carry out the sale through two agreements. While the northern part of the portfolio is scheduled to be sold in December 2021 for $395 million, the southern portion will be sold for $181 million in February 2023. The CEO of City Office, James Farrar, said, "This is an exciting, transformational transaction for the Company.
https://www.tipranks.com/news/city-office-to-sell-life-science-portfolio-for-576m-shares-jump-30-2?utm_source=advfn.com&utm_medium=referral
City Office REIT (NYSE:CIO)
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