Wereldhave Bows Out Of US With $720M Portfolio Sale

Law360, New York (January 7, 2013, 4:20 PM EST) -- Dutch investor Wereldhave NV has struck a $720 million deal to exit the U.S. real estate scene by unloading a 17-property portfolio to American private equity firm Lone Star Funds, the seller announced on Monday.

The purchase price, which exceeded many analysts' expectations, clocks in at about 5 percent above book value for the properties, which Wereldhave had pledged to divest in August following a disappointing second quarter for the shopping center-focused real estate investor.

"I think this is a first major step in derisking our...
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