City Office surges 25% on sale of life sciences assets for $576 mln

City Office REIT

23/08/2021 13:39

** Real estate co's shares  CIO.N  jump 24.7% to $16.09 premarket - set for
record high
    ** City Office REIT enters into two deals to sell off its life sciences
portfolio for $576 million; names of buyers not disclosed  urn:newsml:reuters.com:*:nPn5sMP0ya
    ** Expects net proceeds of about $12.38/shr, after closing and transaction
costs
    ** Co says assets being sold are located in Sorrento Mesa, San Diego and are
unencumbered by debt
    ** Brokerage Janney raises fair value estimate to $18 from $14; brokerage
RBC Capital Markets raises PT to $19 from $16
    ** Up to Friday's close, stock had risen ~32% YTD

 (Reporting by Ruhi Soni in Bengaluru)
 ((Ruhi.Soni@thomsonreuters.com;))