AMSTERDAM--Dutch real estate investor Wereldhave NV (WRDEF) is
selling its entire U.S. property portfolio to Lone Star Funds, the
company said Monday.
Wereldhave will receive $750 million for the portfolio, which is
5% above book value. The proceeds will lower the loan to value of
Wereldhave to slightly above 30%. The transaction is scheduled to
be completed during the first quarter.
By selling the entire U.S. portfolio Wereldhave waves goodbye to
its most troublesome sector. In 2012, the company was forced to
write down significant amounts on the value of its U.S. portfolio,
as a large new project was delayed and had continued start up
Due to the negative revaluation in the U.S. Wereldhave lowered
its dividend in line with lower future earnings capacity. The
higher than anticipated loan to value ratio made the company sell
additional assets to help lower the ratio. All this led to the
stepping down of Chief Executive Hans Pars in July 2012.
In the second half of 2012 Wereldhave decided to begin the
selling process for its U.S. portfolio.
Write to Robert van den Oever at
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