Latest news with #Peachtree
Business Times
23-05-2025
- Business
- Business Times
Manulife US Reit gets nod to extend asset disposal deadline to Dec 31
[SINGAPORE] The manager of United States office real estate investment trust (Reit) Manulife US Rei t (MUST) on Friday (May 23) announced it has received approval from lenders to extend the deadline for the disposal of assets by six months to Dec 31. The Reit will use US$25 million in cash, in addition to proceeds from the sale of Class A office building Peachtree in Atlanta, US, to partially pare down debts due in 2026, 2027 and 2028. The extension will give MUST more time to meet obligations under the Master Restructuring Agreement. Under this agreement, MUST can dispose up to four Tranche 1 and/or Tranche 2 assets, which are considered non-core assets, to third-party buyers, in order to raise minimum net sales proceeds of US$328.7 million by Jun 30. These assets refer to the Reit's existing properties, which were classified into different tranches. The manager plans to procure the sale of certain Tranche 1 and Tranche 2 assets, which carry high-to-medium occupancy risks, capital expenditure requirements and low-to-medium return potential. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Tranche 1 assets included the Reit's Centerpointe, Diablo, Figueroa and Penn properties, while Tranche 2 assets included its Capitol, Exchange, Peachtree and Plaza properties. The Reit previously sold two Tranche 2 assets, Capitol and Plaza. In a bourse filing, its manager said it has received approval from lenders to amend the agreement to allow for the disposal of up to three Tranche 2 assets, as well as to divest Peachtree, another Tranche 2 asset. 'Based on the cumulative proceeds from the sales of Capitol, Plaza and Peachtree, MUST will have achieved 82 per cent of the net proceeds target, or US$60 million short of the net proceeds target,' said the Reit manager. The extension also allows MUST time to maximise opportunities to sell Tranche 1 assets and engage with stakeholders and potential buyers in current market conditions. This extension is conditional on the completion of the sale of Peachtree. The sale is expected to be completed by June this year. Assuming that the Peachtree divestment was completed as at Mar 31 this year, and the estimated net sales proceeds and additional US$25 million of cash are used to repay existing loans, MUST's pro forma aggregate leverage is expected to improve to 56.3 per cent from 59.4 per cent, said its manager. The pro forma weighted average interest cost is expected to reduce to 3.9 per cent from 4.4 per cent, and the pro forma weighted average debt maturity will also be extended to 3.1 years from 2.7 years. Units of MUST closed 1.6 per cent or US$0.001 higher at US$0.062 on Friday, before the announcement.
Yahoo
21-05-2025
- Business
- Yahoo
ARC approves $207 million increase for long-term transport plan budget
The Atlanta Regional Commission announced last week that they'd amended their 2050 Metropolitan Transportation Plan, adding $207 million in additional budget for improvement projects. The section amended was for the 2024-2027 fiscal year Transportation Improvement Program and the new funding includes 25 projects across the Atlanta region, according to ARC on May 14. "The amendment reflects cost increases, changes to project timelines, and new projects that are exempt from air quality requirements, which include remaining projects funded through the 2024 TIP solicitation process," ARC said in a statement. [DOWNLOAD: Free WSB-TV News app for alerts as news breaks] ARC said the amended cost will impact changes to project timelines and new projects that are exempt from air quality requirements. More detailed information is available about the Transportation Improvement Program here, while updates on the amendment itself are here. TRENDING STORIES: 20 parks to close on Lake Lanier Judge rules that deputy who shot, killed DeKalb airman can't leave to seek employment As restaurant closures hit West Midtown, one Atlanta restauranteur offers a lifeline Here are the projects included with the additional funding: Cost estimate adjustments to: I-75 Commercial Vehicle Lanes in Henry County SR 20 (Cumming Highway/Knox Bridge Highway) Widening in Cherokee County Upper Riverdale Road Bridge Upgrade in Clayton County SR 13 (Peters Street) Bridge Replacement in City of Atlanta Projects that are exempt for air quality review include: 2024 TIP Solicitation Peachtree Safe Street project (City of Atlanta/Midtown Alliance) Marietta Boulevard Safe Street project (City of Atlanta) Federal Recreational Trail Program Rivers Edge Trail extension (Clayton County) Chattahoochee RiverLands Recreational Trail and Riverview Trailhead (City of Smyrna) Wheel Beautiful – Riverlands Scenic Universal Access Trail (City of Chattahoochee Hills) [SIGN UP: WSB-TV Daily Headlines Newsletter]
Associated Press
13-05-2025
- Business
- Associated Press
Peachtree Group Expands Footprint with Downtown Austin Office to Support Growth
ATLANTA--(BUSINESS WIRE)--May 13, 2025-- Peachtree Group ('Peachtree'), a leading private investment firm specializing in commercial real estate, is expanding its national presence with the opening of its first office outside of its Atlanta headquarters in downtown Austin, Texas. This move aligns with Peachtree's growth strategy and commitment to Texas' strong economy and commercial real estate market. With significant investments across the state, including ongoing developments in Dallas and San Antonio and an upcoming project in Austin, establishing an office in the state capital conforms with Peachtree's long-term vision. Austin's business environment and growth prospects make it an ideal location to strengthen the firm's reach and partnerships. Peachtree's connection to Austin runs deep. The firm has been recognized among the Longhorn 100, a distinction honoring the fastest-growing businesses led by the University of Texas alumni. Additionally, Peachtree's managing principal and CEO, University of Texas graduate Greg Friedman, actively supports the institution by serving on the Real Estate Fund Advisory Board for the Texas McCombs School of Business. 'Our expansion into Austin marks an exciting milestone for Peachtree Group,' said Friedman. 'Texas is a critical market for us, and establishing an office in the heart of downtown Austin will allow us to better support our growing portfolio and deepen our relationships in the region. With our ongoing projects across the state and our strong ties to the University of Texas community, this move reinforces our commitment to long-term investment and growth in Texas.' The new office is in the 100 Congress building (100 Congress Avenue) and will serve as a hub for Peachtree's investment and development activities in the region, further positioning the firm to capitalize on emerging opportunities in one of the country's most vibrant commercial real estate markets. About Peachtree Group Peachtree Group is a vertically integrated investment management firm specializing in identifying and capitalizing on opportunities in dislocated markets, anchored by commercial real estate. Today, the company manages billions in capital across acquisitions, development and lending, augmented by services designed to protect, support and grow its investments. For more information, visit View source version on CONTACT: Charles Talbert 678-823-7683 [email protected] KEYWORD: UNITED STATES NORTH AMERICA GEORGIA INDUSTRY KEYWORD: FINANCE BANKING PROFESSIONAL SERVICES COMMERCIAL BUILDING & REAL ESTATE CONSTRUCTION & PROPERTY SOURCE: Peachtree Group Copyright Business Wire 2025. PUB: 05/13/2025 08:55 AM/DISC: 05/13/2025 08:54 AM
Business Wire
13-05-2025
- Business
- Business Wire
Peachtree Group Expands Footprint with Downtown Austin Office to Support Growth
ATLANTA--(BUSINESS WIRE)--Peachtree Group ('Peachtree'), a leading private investment firm specializing in commercial real estate, is expanding its national presence with the opening of its first office outside of its Atlanta headquarters in downtown Austin, Texas. This move aligns with Peachtree's growth strategy and commitment to Texas' strong economy and commercial real estate market. Peachtree Group opened its first office outside of its Atlanta headquarters in downtown Austin, Texas. With significant investments across the state, including ongoing developments in Dallas and San Antonio and an upcoming project in Austin, establishing an office in the state capital conforms with Peachtree's long-term vision. Austin's business environment and growth prospects make it an ideal location to strengthen the firm's reach and partnerships. Peachtree's connection to Austin runs deep. The firm has been recognized among the Longhorn 100, a distinction honoring the fastest-growing businesses led by the University of Texas alumni. Additionally, Peachtree's managing principal and CEO, University of Texas graduate Greg Friedman, actively supports the institution by serving on the Real Estate Fund Advisory Board for the Texas McCombs School of Business. 'Our expansion into Austin marks an exciting milestone for Peachtree Group,' said Friedman. 'Texas is a critical market for us, and establishing an office in the heart of downtown Austin will allow us to better support our growing portfolio and deepen our relationships in the region. With our ongoing projects across the state and our strong ties to the University of Texas community, this move reinforces our commitment to long-term investment and growth in Texas.' The new office is in the 100 Congress building (100 Congress Avenue) and will serve as a hub for Peachtree's investment and development activities in the region, further positioning the firm to capitalize on emerging opportunities in one of the country's most vibrant commercial real estate markets. About Peachtree Group Peachtree Group is a vertically integrated investment management firm specializing in identifying and capitalizing on opportunities in dislocated markets, anchored by commercial real estate. Today, the company manages billions in capital across acquisitions, development and lending, augmented by services designed to protect, support and grow its investments. For more information, visit
Business Times
11-05-2025
- Business
- Business Times
Manulife US Reit divesting Atlanta property for US$133.8 million to repay loans due 2026
[SINGAPORE] The manager of Manulife US real estate investment trust (Reit) announced on Sunday (May 11) that it has agreed to sell Peachtree, a 28-storey Class A office building in Atlanta, Georgia for US$133.8 million. The purchaser is an unrelated third party, and the purchase-and-sale agreement is subject to approval by the lenders of Manulife US Reit, among other conditions. Manulife US Reit expects to get US$118.8 million as net proceeds from the transaction, excluding the seller's credit and transaction costs. This will result in an estimated net loss of US$52.5 million from the Peachtree divestment for FY2025. Net proceeds will be fully used to repay debt. The rationale to divest Peachtree is to make early partial repayment of Manulife US Reit loans due in 2026. The proceeds will enable the Reit to pay down about 58 per cent of the 203.9 million of loans maturing in 2026. Including the US$40 million repayment in March 2025 from the Plaza divestment, Manulife US Reit will pay off about 78 per cent of the loans due in 2026, with about US$45.1 million remaining. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Coupled with its previous divestment of Capitol and cash contribution from the balance sheet, total debt repayment will be close to US$290 million since Nov 2024. The sale of Peachtree improves financial ratios, with Manulife US Reit's pro forma aggregate leverage expected to improve to 57.7 per cent from 60.8 per cent and pro forma weighted average interest cost is expected to reduce to 4.07 per cent from 4.53 per cent. Under the master restructuring agreement signed with Manulife US Reit's lenders, the Reit is required to achieve minimum cumulative net sales proceeds of US$328.7 million by Jun 30, 2025. With the sale of Peachtree, Capitol and Plaza, Manulife US Reit would achieve about 82 per cent of its net proceeds targets. The heightened economic uncertainty surrounding trade policies and ongoing challenges hampering office transactions, such as remote and hybrid work arrangements and a lack of financing, has created a challenging environment for commercial real estate. 'We remain in active discussions on the divestment of additional properties. In view of current headwinds, we believe that disposing Peachtree would enable us to mitigate risks and achieve the best possible outcome for Unitholders,' said John Casasante, CEO and chief investment officer of the manager. The manager plans to reposition the portfolio for growth through diversification by pursuing opportunities in other real estate sectors and permissible alternative real estate investments that have attractive and accretive cash yield and are less capital-intensive. The Reit will also tap its sponsor's global real estate platform and in-house capabilities to capitalise on opportunities in the US real estate market. 'We remain focused on moving Manulife US Reit towards recovery as soon as possible so that we may return to a growth trajectory,' added Casasante. Units of Manulife US Reit closed up 5 per cent or US$0.003 to US$0.063 on Friday.
