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Prime US REIT, KBS Complete $550M Refi for Office Portfolio
Prime US REIT, a Singapore REIT focused on stabilized income-producing U.S. office assets, and KBS have completed a major refinancing for the Prime US REIT portfolio. The new agreement totals $550 million, including a $400-million term loan facility and a $150-million revolving credit facility. KBS serves as the U.S.-based asset manager for the portfolio.
The refi highlights the strength of Class A office as tenants reimagine how they use office space, said Marc DeLuca, CEO and Eastern regional president of KBS.
“KBS assisted Prime US REIT with the financing in 2019 in conjunction with the initial listing on the Singapore Stock Exchange,” DeLuca said. “This refinancing marks another strategic move by Prime US REIT and demonstrates the ongoing appeal of premier office assets.”
Leasing volume in the Prime US REIT portfolio more than doubled year-over-year in the first half of 2024, with renewals and new signings at several assets including Reston Square, Promenade, 171 17th Street, Tower 909, 101 South Hanley and One Washingtonian Center.
Pictured: Tower 909 in Irving, TX.
- ◦Financing
