Wereldhave has completed the sale of the office building ´Three Penn Center´ located at 1515 Market Street, Philadelphia, United States. The proceeds of the sale amounted to 54.8 million ( $76 mln.) which is approximately 2.9 million ($ 4 mln.) above the book value as at December 31, 2006.
Tree Penn Center, Philadelphia
The 47,161 m² Three Penn Center was built in 1956 and renovated in 1992. Wereldhave also completed the sale of an office building in Pittsburgh, United States on January 4, 2007, for ($12 mln.) an amount equal to the book value as at December 31, 2006. This 9,784 m² office building was built in 1989.
With these property disposals Wereldhave is concentrating its US portfolio in the areas around Washington and in Texas (Austin, Dallas and San Antonio). Wereldhave is also looking to expand its portfolio on the West Coast (San Diego and surroundings). The disposals are in accordance with Wereldhave's policy of continuous portfolio renewal, involving the replacement of older properties by new property investments.