Property fund Wereldhave completes US exit

Dutch property fund Wereldhave has sold its US portfolio to Lone Star Funds for
$720m, 5% above its book value.

The sale completes Wereldhave’s withdrawal from the US market and send the fund’s share price up 1.5% in early trading.
The money will be used to reduce group debt, Wereldhave said in a statement.
The fund said last summer it would sell its US interests after an unexpectedly large €128m write-down on the portfolio. The write-down, coupled with a profit warning, led to the resignation of chief executive Hans Pars.