Dutch listed property group Wereldhave has sold its remaining portfolio in the US to Lone Star Funds. The purchase price amounts to $720 mln (€546 mln) and is approximately 5% above book value.
Dutch listed property group Wereldhave has sold its remaining portfolio in the US to Lone Star Funds. The purchase price amounts to $720 mln (€546 mln) and is approximately 5% above book value.
In a statement on Monday, Wereldhave said it will use the proceeds to reduce group debt and lower its loan to value to slightly above 30%. The deal is scheduled to be completed during the first quarter of 2013.
The transaction, which reflects the company's strategy to exit the US before end-2013, follows the sale in October last year of the DiamondView Tower office building in San Diego for $118.5 mln (€92 mln).
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 $10 mln.
Wereldhave was advised on its latest deal by Eastdil Secured.
