Board of Management Wereldhave N.V. The Hague, September 9, 2008
Contact Information: Contacts: RNS Customer Services 0044-207797-4400 http://www.rns.com
Wereldhave NV announces Acquisition
| Source: Wereldhave NV
THE HAGUE, THE NETHERLANDS--(Marketwire - September 9, 2008) - On September 8, 2008, Wereldhave
completed the purchase of DiamondView, a fifteen-story office building
located in the flourishing "live, work and play" Ballpark District, in San
Diego, California. DiamondView is situated next to the PETCO Park baseball
stadium, in a prime location that is within walking distance to the San
Diego Convention Center and five miles of San Diego International Airport.
The property totals 28,500m² and provides 928 parking spaces. The purchase
price amounts to USD 161 mln.
The office building is 91% let with long term leases. A rental income
guarantee brings the net initial yield to 6.25%. The acquisition
contributes immediately to the direct result per share.
DiamondView and Broadway 655, a prime office property acquired by
Wereldhave in 2007, are the only two class-A office buildings built in
downtown San Diego, in nearly two decades. There are currently no other
prime office properties under construction in this market. As a result of
rising construction costs, the difference between the acquisition price and
the costs of comparable new office space is small.
This acquisition is Wereldhave's second property investment in the West
Coast of the USA. Wereldhave has decided to invest at the west coast of the
USA in view of the increasing economic activity. The acquisition fits
Wereldhave's policy of acquiring newly built, prime property in knowledge
based markets.
San Diego is a large harbour city in the south of California, with 1.3 mln
inhabitants. Large harbour cities at the USA west coast are profiting from
the increasing trade with emerging countries in Asia. San Diego is also
knowledge center for the biotech industry and offers an attractive climate
for companies and employees.