Profitable Sale of RREEF US

Haslemere NV announced today that a conditional agreement has been signed with Deutsche Asset Management to sell RREEF US, the US based real estate investment management firm and main asset of Roproperty Holding BV.

Haslemere holds 36% of RoProperty, the other shareholders being Rodamco Europe NV (36%), Rodamco North America NV (23%) and the Robeco Group NV (5%). Deutsche Asset Management is the global investment management business of Deutsche Bank Group.

Total net proceeds will amount to US$406 million (£285 million1), after settlement of outstanding commitments and transaction costs. Haslemere will receive approximately US$150 million, proportionate to its shareholding, and resulting in a book profit (after minority interests) of US$104 million (£73 million1).

Acquired in January 1998, the ownership of RREEF US has been a successful investment, however is not regarded as a core business going forward. The transaction is expected to close before the end of April 2002, after various normal and regulatory conditions have been satisfied.

Haslemere, RoProperty, and the other RoProperty shareholders were represented by JPMorgan as exclusive financial advisor in the transaction

(source: Haslemere)

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