City office reit announces agreements to sell life science portfolio for $576 million

Vancouver, aug. 20, 2021 /prnewswire/ -- city office reit, inc. (nyse: cio) ("city office" or the "company") announced today that it has entered into definitive agreements to sell all of its holdings in the sorrento mesa submarket of san diego for $576 million. the transactions are expected to generate net proceeds, after estimated closing and transaction costs, of approximately $546 million, which equates to $12.38 per common share.
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