Rodamco North America announces sale of interest in Abbey Properties

Rodamco North America NV (Â'RNAÂ') today announced that it has closed a transaction with Abbey Properties LLC (Â'AbbeyÂ') whereby Abbey repurchased all RNAÂ's shares in Abbey for a total consideration of USD90 million. The consideration will be paid in cash of USD70 million and a note of USD20 million. The transaction fully compensates RNA for its carrying value of Abbey.

Abbey is a prominent owner and acquirer of industrial, office, service center and retail properties, with a total of 50 sites primarily in Southern California. RNA acquired its stake in Abbey in 1998.

RNA announced on 14 January 2002 that it had signed a definitive agreement whereby Westfield America Trust, Simon Property Group, Inc. and the Rouse Company would jointly acquire RNA trough a purchase of all of RNAÂ's assets for cash. The purchasers would also assume all of RNAÂ's liabilities. RNA anticipates holding an extraordinary general meeting of shareholders within approximately 30 days to approve the transaction and the distribution of the transaction proceeds. The sale of RNAÂ's interest in Abbey Properties has no influence on the sale price of EUR2.48 billion, or EUR55.00 per share, for RNAÂ's assets.

(source: Rodamco North America)

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