MPG Office Trust, Inc. (MPG) Monday announced agreement with an affiliate of Overseas Union Enterprise Ltd. (OUE) to sell the U.S. Bank Tower and Westlawn Garage, located in Los Angeles, for a consideration of $367.5 million.
Net proceeds from the transaction are estimated to be around $103 million and will be available for general corporate purposes, including potential loan rebalancing.
The transaction is expected to close on June 28, following the expiration of the tax protection period.
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