LOS ANGELES--(BUSINESS WIRE)--Hudson Pacific Properties, Inc. (NYSE: HPP), a unique provider of end-to-end real estate solutions for tech and media tenants, announced today that it has divested through two separate transactions a land parcel in Silicon Valley and certain tranches of a loan secured by its Hollywood Media Portfolio for gross proceeds of $189.3 million before prorations and closing costs. Specifically, these sales included:
- Cloud 10, a 5.3-acre land parcel in North San Jose, for $43.5 million before prorations and closing costs.
- 100% of two tranches and 49% of a third tranche of debt associated with its Hollywood Media Portfolio, generating gross proceeds of $145.8 million, while retaining a 51% ownership of the third tranche with a notional value of $30.2 million.
The company used net proceeds to repay amounts outstanding on its unsecured revolving credit facility.
"Strong execution on these sales has further strengthened our balance sheet and positions us well to navigate future loan maturities,” stated Victor Coleman, Hudson Pacific’s Chairman and CEO. “In addition, we have successfully improved covenant compliance with minimal impact to FFO, as we continue to enhance our ability to create value for shareholders going forward.”
About Hudson Pacific Properties
Hudson Pacific Properties (NYSE: HPP) is a real estate investment trust serving dynamic tech and media tenants in global epicenters for these synergistic, converging and secular growth industries. Hudson Pacific’s unique and high-barrier tech and media focus leverages a full-service, end-to-end value creation platform forged through deep strategic relationships and niche expertise across identifying, acquiring, transforming and developing properties into world-class amenitized, collaborative and sustainable office and studio space. For more information visit HudsonPacificProperties.com.
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