KBS REIT III sold a Class A office portfolio of 11 properties for $ 1.2 billion. As part of the transaction, KBS REIT III repaid the outstanding debt secured by the property and retained a 33% stake in the buyer.
The 11 property portfolio includes Tower I in Emeryville, Emeryville, California; 222 Main in Salt Lake City, Utah; Village Center Station in the village of Greenwood, Colorado; Station II village center in Greenwood Village, Colorado; 101 South Hanley of St. Louis, Missouri; Tower on Lake Carolyn in Irving, Texas; Boardwalk I & II in Eilan, San Antonio, Texas; CrossPoint at Valley Forge in Wayne, Pennsylvania; A Washingtonian Center in Gaithersburg, Maryland; Reston Square in Reston, Virginia; and 171 17th Street in Atlanta, Georgia.
KBS plans to use the proceeds to increase liquidity for REIT III and to pay us a special dividend. KBS REIT III now has a portfolio of 20 office properties valued at more than $ 3 billion.