Lone Star Funds has completed the acquisition of the US portfolio held by Dutch listed property company Wereldhave for $720 mln (€560 mln).
Lone Star Funds has completed the acquisition of the US portfolio held by Dutch listed property company Wereldhave for $720 mln (€560 mln).
In a move described as 'derisking the portfolio', Wereldhave has now divested its holdings in the US and most of its portfolio in the UK in order to focus on shopping centres in North West Europe and sustainable offices in Paris.
The remaining portfolio - covering Finland, the Netherlands, Belgium, France and Spain - was valued at just under €2 bn at end-2012. The transaction with Lone Star, a Texas-based private equity group, was completed in three consecutive tranches on 28 February and 19 and 21 March 2013.
Wereldhave's US office will be closed in the first half of 2013.
On 8 February 2013 Wereldhave sold nearly its entire UK portfolio in two transactions for £243 mln (€283 mln).
The value of the remaining UK assets amounts to £30 mln, consisting of a mixed-use retail/office development project in Richmond, an office building in London and a plot of land. The Richmond development project was completed in March and Wereldhave plans to sell all its remaining UK assets in the coming months. The UK office will be closed during the
first half of 2013.
The proceeds from these property disposals were used to reduce group debt. Wereldhave now has an LTV below 20%.
