JER Partners Completes Sale of Listed Belgian Investment and Discloses Key Transaction Terms
MCLEAN, Va., Oct. 5 /PRNewswire/ -- JER Partners ("JER") confirms the closing of the sale of a 25% shareholding in Immobel SA ("Immobel"), the listed Belgian real estate development company, to a subsidiary of Eastbridge Sarl ("Eastbridge"), a privately held company based in Luxembourg managing euro 1.2 billion of real estate and other assets in Central and Eastern Europe and the U.S.
JER sold the 25% shareholding in Immobel for a price between euro 35.68 and euro 36.56 per share, with the final price being determined by certain post closing adjustments. Euro 8.25 per share was paid at closing of the transaction on September 7, 2010, with the remainder being paid in installments over a three-year period.
In addition, JER and Eastbridge have entered into a put and call option over a further 4.85% shareholding in Immobel held by JER. The put option is exercisable between September 1, 2013 and September 30, 2013, and the call option is exercisable between October 1, 2013 and October 31, 2013. The strike price for the put and call option will be the average daily market closing price between July 1, 2013 and August 31, 2013, in the case of the put option, and between August 1, 2013 and September 30, 2013, in the case of the call option. The strike price will be subject to a minimum floor of euro 30 per share and a maximum cap of euro 40 per share.
JER acquired a 30.53% stake in Immobel in June 2007 through its third European fund, JER Europe Fund III. Commenting on the sale, Chester Barnes, Head of JER Europe, said, "We are delighted to have participated in the development of Immobel over the past three years. We believe that Eastbridge will further contribute to the growth of Immobel, leveraging its expertise in the real estate sector. As a sign of our confidence in the future of Immobel, we have retained a significant portion of our investment in the company for the next three years in order to share in the further anticipated growth of Immobel."
JER Partners ("JER") is a fully integrated private real estate investment management company with more than 29 years of experience in sourcing, underwriting and managing a broad spectrum of real estate equity investments and debt products in the U.S. and Europe. Together with its financial and operating partners, JER has purchased and managed approximately 15,000 assets totaling $28 billion. The firm also invests in CMBS, mezzanine financing and other structured debt products. For more information, visit www.jer.com.
Contact: |
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Chester Barnes, Managing Director and Head of JER Europe |
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+ 44 (0)207 518 4350 |
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Clyde Robinson, Managing Director and Global Head of Investor Relations |
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+1 703 714 8016 |
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SOURCE JER Partners
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