WRE - WashREIT to sell office portfolio to Brookfield Asset Management for $766M

t_kimura/E+ via Getty Images WashREIT (WRE) agrees to sell substantially all of its office portfolio to Brookfield Asset Management (BAM) private real estate fund for $766M, furthering its strategy to focus on multifamily properties. The office portfolio sale consists of 12 office assets, comprising 2.37M square feet, located in the Washington, DC region. WRE expects to complete the transaction in Q3. The REIT plans to use net proceeds from the office portfolio sale and future retail sales to fund the expansion of its multifamily platform through acquisitions in Southeastern markets and to reduce its leverage by repaying outstanding debt. WRE also signed a letter of intent to sell its remaining eight retail assets and expects to complete that sale in Q3. President and CEO Paul McDermott said the office portfolio sale will allow the REIT to eliminate near-term debt maturities until 2023; expects to reduce leverage to the mid- to

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WashREIT to sell office portfolio to Brookfield Asset Management for $766M