Having sold its entire US portfolio to private equity investor Lone Star earlier this year, Netherlands real estate investor Wereldhave has confirmed it is also set to exit the UK property space as part of a strategic realignment.
The sale of its UK property portfolio was recently agreed for £243m, approximately four per cent below the book value at 30 September 2012 of £254m. The net exit yield amounts to 6.5 per cent before general costs, it said. Part of the divestment included the sale of a portfolio of properties in London to British Land for £183.8m.
This should be completed by mid-2013, the firm said. It will now focus on shopping centres in North-West Europe and sustainable offices in Paris, in response to the “changing environment for consumer, retail, real estate and finance-markets”.
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