DGAP-News: Wereldhave completes Derisk phase
(firmenpresse) - Wereldhave
25.03.2013 07:53
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The Hague, the Netherlands, 2013-03-25 07:53 CET (GLOBE NEWSWIRE) --
Wereldhave and Lone Star Funds have completed the sale and purchase of
Wereldhave's portfolio in the US for $ 720m gross. The transaction was executed
in three consecutive tranches on February 28 and March 19 and 21, 2013. The US
office will be closed in the first half of 2013.
On 8 February 2013 Wereldhave sold nearly the entire UK portfolio in two
transactions for [Pounds] 243m. Approx. 75% of the transaction volume was transferred
on February 8, whereas the remainder was completed on February 26, 2013. The
value of the remaining UK assets amounts to approx. [Pounds] 30m, 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 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%.
The reduction of general costs is well on track. General costs will be reduced
from [Eur] 20.8m in 2012 (excluding restructuring costs) to below [Eur] 16m in 2013 and
[Eur] 14m in 2014.
The completion of the disposals in the US and the UK mark the end of the Derisk
phase of Wereldhave's strategy. During the past year, Wereldhave has sold
properties for an amount of [Eur] 1.2bn, substantially improving the risk profile
of the group. Wereldhave is now focused on shopping centres in North-West
Europe and sustainable offices in Paris.
Wereldhave will now enter into the next phase of it's strategy, the Regroup
phase. This phase aims at strengthening and expanding Wereldhave's position in
the four core markets through operational excellence, a controlled development
pipeline, value maximisation of the shopping centre Itis, reinvesting in core
markets and alignment with all stakeholders.
Information for the press:
Richard W. Beentjes
E richard.beentjes(at)wereldhave.com
T + 31 70 346 93 25
Information for analysts:
Jaap-Jan Fit
E jaapjan.fit(at)wereldhave.com
T + 31 70 307 45 43
News Source: NASDAQ OMX
25.03.2013 Dissemination of a Corporate News, transmitted by DGAP -
a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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Language: English
Company: Wereldhave
Netherlands
Phone:
Fax:
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Internet:
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End of Announcement DGAP News-Service
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Datum: 25.03.2013 - 07:53 Uhr
Sprache: Deutsch
News-ID 242502
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