SCHIPHOL, the Netherlands, Nov. 13, 2015 (GLOBE NEWSWIRE) -- Today Wereldhave announces that in line with its management agenda 2015/2016, it has sold its remaining French office building, Le Cap in Saint Denis, Paris, for total net proceeds of [Eur] 50m, which is [Eur] 5.9m or 13.4% above the book value as at December 31, 2014, and [Eur] 3.4m or 7.3% above the book value as at June 30, 2015. It represents a net exit yield of 5.6%, with closing anticipated around mid-December 2015.
The transaction brings Wereldhave's divestment volume for 2015 to the midpoint of the targeted range of [Eur] 350 - 450million and secures the targeted year-end LTV below 40%. It also marks the end of the French offices portfolio. Wereldhave has capitalised on the vibrant Paris investment market for offices. Net proceeds of the disposal in 2015 of the portfolio of three office buildings were [Eur] 20.2m in excess of the book-value as at December 31, 2014.