Mission West Properties Completes Sale Of Properties
Mission West Properties (NASDAQ: MSW) today announced that it has completed the transactions to dispose of all of its real estate assets for an enterprise value of approximately $1.3 billion. Mission West sold 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 $400 million in cash and $398 million in assumed mortgage debts and other obligations, as adjusted for certain closing costs, escrows and other items. In addition, Mission West completed a separate transaction with certain operating partnerships in which the operating partnerships retained certain assets and liabilities with an approximate net value of $525 million. Limited partners who did not convert their ownership interests into common stock of the Company retained ownership interests in those operating partnerships. Mission West then withdrew as the general partner of each of the operating partnerships and with respect to any limited partnership interests it held in the operating partnerships.
The Board of Directors has declared December 28, 2012, as the record date for all common stockholders to automatically become the holder of one unit of beneficial interest in a liquidating trust to