THE HAGUE, The Netherlands, Jan. 7, 2013 (GLOBE NEWSWIRE) -- Lone Star Funds and Wereldhave have reached agreement on the purchase and sale of Wereldhave's portfolio in the US. The purchase price amounts to USD 720 mln and Wereldhave's net proceeds, after deduction of costs, are in excess of the book value at September 30, 2012. The disposal also triggers the release of a provision for deferred tax. The total proceeds of the disposal are approximately 5% above book value.
The transaction is scheduled to be completed during the first quarter of 2013. Wereldhave was advised in this transaction by Eastdil Secured.
During the last quarter of 2012, Wereldhave also sold two plots of land in the US, one in Texas and the other in Virginia, for a total of USD 10 mln. These plots of land were the only two assets that were left out of the portfolio to be sold separately. The proceeds were slightly below book value.
The proceeds from sales will be used to reduce Group debt and will lower the LTV to slightly above 30%.
A conference call will be held by audiocast today at 10.30 CET, which can be followed live on www.wereldhave.com. The log-in details can also be found there.
|Richard W. Beentjes|
|T + 31 70 346 93 25|
|T + 31 70 307 45 43|