Rodamco Europe NV announces that on April 23, 2002 the sale of RREEF US, the US based real estate investment management firm and main asset of Roproperty Holding B.V., to Deutsche Asset Management has been completed after all conditions have been met.
Rodamco Europe NV owns 36% of the shares in RoProperty, the other shareholders are Haslemere NV (36%), Rodamco North America (23%) and the Robeco Group (5%). Deutsche Asset Management is the global investment management business of Deutsche Bank Group.
Total proceeds will amount to USD406 million (EUR461 million ) after settlement of outstanding commitments and transaction costs; net proceeds to Rodamco Europe will amount to USD141 million (EUR160 million1). In view of the fact that the conditional sale and purchase agreement has been signed before the publication of the year 2001 results, the interest of Rodamco Europe in RoProperty has been included in the year 2001 results against market value (on basis of the transaction value) leading to a revaluation result in 2001 of EUR 114 million.
(source: Rodamco Europe)