Hudson Pacific Properties divests assets for $189.3 million
2023.12.04 09:47
© Reuters.
NEW YORK – Hudson Pacific Properties (NYSE:), a real estate investment trust (REIT) with a focus on properties catering to the tech and media sectors, has completed the sale of several assets totaling $189.3 million. The company announced today that it sold the Cloud 10 land parcel in Silicon Valley for $43.5 million and parts of a loan secured by its Hollywood Media Portfolio, which brought in $145.8 million.
The strategic divestitures are part of Hudson (NYSE:) Pacific’s broader plan to strengthen its balance sheet by repaying existing credit facilities ahead of upcoming loan maturities. Victor Coleman, CEO of Hudson Pacific Properties, emphasized the significance of these transactions in maintaining financial stability and enhancing shareholder value with minimal impact on Funds From Operations (FFO).
Coleman also pointed out that these moves align with the company’s ongoing strategy to manage its assets effectively, ensuring covenant compliance and continuing to create collaborative work environments within their portfolio.
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