Lone Star Buys U.S. Assets of Wereldhave

Dutch property group Wereldhave has agreed to sell all its U.S. assets for $720 million to U.S. private equity group Lone Star Funds, Wereldhave said on Monday. Wereldhave, which had earlier announced its intention to leave the U.S. market, said in a statement the total proceeds were about 5 percent above the properties’ book value.

(Reuters) – Dutch property group Wereldhave has agreed to sell all its U.S. assets for $720 million to U.S. private equity group Lone Star Funds, Wereldhave said on Monday.

Wereldhave, which had earlier announced its intention to leave the U.S. market, said in a statement the total proceeds were about 5 percent above the properties’ book value.

It said it will use the money to reduce debt.

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