logo
Share SHARE
FONT-SIZE Plus   Neg

Mission West Properties Completes Sale Of Its Properties - Quick Facts

Mission West Properties Inc. (MSW) announced Wednesday that it has completed the transactions to dispose of all of its real estate assets for an enterprise value of approximately $1.3 billion.

The company said it sold certain of its real estate assets to a joint venture entity sponsored by affiliates of Divco West and TPG Real Estate in exchange for approximately $400 million in cash and $398 million in assumed mortgage debts and other obligations, as adjusted for certain closing costs, escrows and other items.

In addition, the company noted that it completed a separate transaction with certain operating partnerships in which the operating partnerships retained certain assets and liabilities with an approximate net value of $525 million. Limited partners who did not convert their ownership interests into common stock of the Company retained ownership interests in those operating partnerships.

The company then withdrew as the general partner of each of the operating partnerships and with respect to any limited partnership interests it held in the operating partnerships.

The Board of Directors has declared December 28, 2012, as the record date for all common stockholders to automatically become the holder of one unit of beneficial interest in a liquidating trust to be established by Mission West for each share of the Company's common stock on a 1:1 basis. All cash, other assets and remaining liabilities of the Company are expected to be transferred to the Liquidating Trust on December 28, 2012.

The company anticipates the initial distribution from the Liquidating Trust will be completed on or before January 15, 2013.

The company estimates the total distributions to stockholders will range from $9.20 to $9.28 per unit interest in the Liquidating Trust with an initial distribution of $9.18 per unit. All of the distributions from the Liquidating Trust will be deemed a 2012 event for income tax purposes and each stockholder of record on December 28, 2012, will receive information from the Liquidating Trust reporting the amount of the distribution in 2013.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Anglo-Dutch oil giant Royal Dutch Shell plans to cut 2,200 more jobs, as the company continues to face lower oil prices, media reported Wednesday citing an emailed statement. The latest round of cuts would bring the total job cuts this year to at least 5,000 globally. In the U.K. and Ireland, the company plans to reduce staff working in exploration and production by 475. Tiffany & Co. (TIF) reported first-quarter net earnings of $87 million, or $0.69 per share compared to $105 million, or $0.81 per share, in the prior year. The company noted that its first-quarter results included a tax benefit of $0.05 per share related to the settlement of a tax examination. On average,... Shares of Marks & Spencer Group plc were losing around 8 percent in the early morning trading in London, after the retailer reported lower profit in its fiscal 2016, hurt mainly by weak results at clothing & Home segment and lower UK LFL sales. Looking ahead, the company warned about profit, and said it sees a similar sales trend in fiscal 2017.
comments powered by Disqus
Follow RTT