WashREIT Completes Office Portfolio Sale
WASHINGTON, July 26, 2021 (GLOBE NEWSWIRE) — WashREIT (NYSE: WRE) has completed the previously announced sale of 12 office assets, representing the entire office portfolio excluding Watergate 600, for gross proceeds of $766 million. WashREIT plans to use the net proceeds of the sale to fund the expansion of its multifamily platform and to reduce leverage by repaying outstanding debt, starting with the redemption of all $300 million of senior unsecured notes due 2022 on or about August 26, 2021 in accordance with their terms. Additional progress on its multifamily transformation and expansion into targeted Southeastern markets will be discussed during the company’s second quarter earnings call on July 30, 2021.