Rubicon America Trust said today that it has agreed to sell four US properties to Kaufman & Jacobs for $US175 million to pay debt.

The four properties are Robert Duncan Plaza, Richmond, Baltimore and Beacon Station and the sale is conditional on the completion of due diligence and assumption of $US113.1 million ($161 million) debt.

'Given the conditionality of the purchase and sale agreement, there can be no assurance that the transaction will be completed,' a Rubicon America statement said.

The price is about $US26.9 million lower than the asset's June 30 book value.

The Australian