Quick Facts
FONT-SIZE Plus   Neg
Share SHARE

Mission West Properties Completes Sale Of Its Properties - Quick Facts

Mission West Properties Inc. (MSW: Quote) 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.

Register
To receive FREE breaking news email alerts for MISSION WEST PROPERTIES and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
The South Korean government said Thursday it will increase the budget spending next year and run a wider fiscal deficit than expected to bolster economic growth that faces challenges from slow global recovery and weak domestic demand. Government spending will rise by 5.7 percent to KRW 376 trillion the next year, the finance ministry said in its budget proposals. Stocks saw some volatility following the release of the Federal Reserve's monetary policy announcement on Wednesday but managed to end the day modestly higher. With the upward move, the Dow reached a new record closing high. President Barack Obama sought to emphasize in remarks on Wednesday that the American forces being deployed as part of the fight against the terrorist group ISIS will not have a combat mission.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.