Tue, 01/01/2013 - 18:00
Mission West Properties has completed the transactions to dispose of all of its real estate assets for an enterprise value of approximately USD1.3 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 USD400 million in cash and USD398 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 USD525 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 28 December, 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 be established by Mission West for each share of the Company's common stock on a 1:1 basis.
All cash, other assets and remaining liabilities of the Company are expected to be transferred to the Liquidating Trust on 28 December, 2012. The Board of Directors anticipates the initial distribution from the Liquidating Trust will be completed on or before 15 January, 2013. Subsequent distributions from the Liquidating Trust will be based on cash available after satisfying outstanding debts, applicable taxes and related transaction costs. At this time, the Company estimates the total distributions to stockholders will range from USD9.20 to USD9.28 per unit interest in the Liquidating Trust with an initial distribution of USD9.18 per unit. All of the distributions from the Liquidating Trust will be deemed a 2012 event for income tax purposes and each stockholder of record on 28 December, 2012, will receive information from the Liquidating Trust reporting the amount of the distribution in 2013.
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