Prime US REIT, a Singapore-based real estate investment trust that focuses on stable income-generating office properties in the United States, has successfully completed a significant refinancing for its portfolio. The new agreement includes a total of $550 million, consisting of a $400 million term loan facility and a $150 million revolving credit facility. KBS, the U.S.-based asset manager for the portfolio, played an integral role in this process.
According to Marc DeLuca, CEO and Eastern Regional President of KBS,”The recent refinancing is indicative of the strength and desirability of Class A office spaces as tenants reimagine their use.” He also noted that KBS had previously assisted Prime US REIT with financing when it was first listed on the Singapore Stock Exchange in 2019. This latest move by Prime US REIT demonstrates their strategic approach to managing premier office assets.
In addition to securing this new financing deal, leasing activity within Prime US REIT’s portfolio has been thriving. In fact,the volume more than doubled year-over-year during the first half of 2024 due to successful renewals and new signings at various properties such as Reston Square,Promenade,Tower 909,and One Washingtonian Center.Pictured above is Tower 909 located in Irving,Texas.
