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News Breaks | | | | November 4, 2012 | | 11:44 EDT |  | MSW | Mission West to liquidate sell certain assets to JV sponsored by Divco West,TPG
Mission West Properties announced that it has entered into two agreements to dispose of all of its real estate assets for an enterprise value of approximately $1.3B. Mission West has agreed to sell 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 $400M cash and $398M in assumed debts and other obligations. Also, Mission West has agreed that certain operating partnerships will retain their remaining assets and liabilities with an approximate net value of $525M and the non-converting limited partners will retain an ownership interest in those operating partnerships. Following completion of these transactions, Mission West intends to liquidate after satisfying outstanding debts, applicable taxes and related transaction costs. Mission West currently estimates these transactions will result in a distribution to stockholders (and the O.P. unit holders that elect to redeem their O.P. units) in the range of $9.20 to $9.28 per share in cash, although the amount ultimately distributed to stockholders may be below this range. Mission West currently expects the transactions to close by year end. | |
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