The purchase marks the Reit’s third acquisition in Pennsylvania, the manager says
[SINGAPORE] United Hampshire US Reit has acquired freehold shopping center property in Pennsylvania as part of its portfolio optimisation and capital recycling strategy, the manager said on Saturday (Aug 2).
The property, Dover Marketplace, was purchased at a consideration of around US$16.4 million – around 4.8 per cent below the property’s independent valuation of US$17.2 million, said Gerard Yuen, chief executive officer of the manager.
The purchase marks the Reit’s third acquisition in Pennsylvania and extends its footprint in the densely populated and affluent US North-east markets, the manager said.
It was fully funded by proceeds from the divestment of the Reit’s supermarket property in Albany, New York – completed in Q1 2025 – and is expected to increase the Reit’s distribution per unit from US$0.0395 to US$0.0403 on a pro forma FY2024 basis.
Built in 2001, Dover Marketplace is a retail neighbourhood shopping centre in Dover Township, York County, Pennsylvania. It has a net lettable area of around 61,044 square feet and a committed occupancy rate of 96.1 per cent.
The property also benefits from strong regional and local accessibility with its proximity to major roadways.
BT in your inbox
Start and end each day with the latest news stories and analyses delivered straight to your inbox.
Yuen said that the acquisition is set to expand and enhance the Reit’s grocery-anchored portfolio.
This comes as it is located in a well-established sub-market and is anchored by Giant – a leading supermarket operator with a long-term lease at the property that has been the anchor tenant for nearly 25 years.
The property also has a diverse mix of eight other tenants including Fortune 500 company M&T Bank and global fast-food chain Subway.
Units of United Hampshire US Reit closed on Friday 1.1 per cent or US$0.005 lower at US$0.47.
Copyright SPH Media. All rights reserved.
