VANCOUVER, April 29, 2014 /PRNewswire/ -- City Office
REIT, Inc. (NYSE: CIO), announced today that it has completed a
$25.4 million refinancing of its
AmberGlen property located in Portland,
Oregon with a national life insurance company. The
interest rate is fixed at 4.38% for the loan's five-year
term. The proceeds from the refinancing were used to repay a
$23.5 million loan with a 6.25%
interest rate and to fund reserves for future leasing
activities.
"We are pleased to have completed the refinancing with American
General Life Insurance Company and American Home Assurance
Company. The completion of this loan concludes our
initiatives to refinance our properties and lock-in attractive
long-term financing. City Office REIT's average debt maturity
is now over 6.0 years and our blended interest rate has declined to
4.2%," said James Farrar, Chief
Executive Officer of City Office REIT.
About City Office REIT, Inc.
City Office REIT, Inc. is a real estate company formed to
acquire, own and operate high-quality office properties located
within our specified target markets, which are located in
metropolitan areas in the Southern and Western United States.
The Company owns six office complexes comprised of 16 office
buildings with approximately 1.85 million square feet of net
rentable area in the metropolitan areas of Boise (ID), Denver (CO), Portland (OR), Tampa (FL), Allentown (PA) and Orlando (FL). The Company intends to elect to
be taxed as a real estate investment trust (REIT) for U.S. federal
income tax purposes.
Contact
City Office REIT, Inc.
Anthony Maretic
+1-604-806-3366
investorrelations@cityofficereit.com
SOURCE City Office REIT, Inc.