Wellsford Real Properties, Inc. Announces the Execution of an Agreement to Sell Residential Assets
30 Agosto 2005 - 10:28PM
Business Wire
Wellsford Real Properties, Inc. (AMEX: WRP) announced today that it
has entered into an agreement to sell the three operating
residential rental phases of its Palomino Park project for $176
million to TIAA-CREF, a national financial services organization.
The contract is subject to the satisfactory completion, within 30
days, of due diligence by the purchaser and is subject to the
approval by WRP's stockholders at its next stockholders' meeting.
Palomino Park is a five phase, 1,707 unit multifamily residential
development in Highlands Ranch, a southern suburb of Denver,
Colorado. The five phases include (i) the three operating
residential rental phases comprising 1,184 units with a total of
1.3 million square feet (Blue Ridge, Red Canyon and Green River),
which are now under contract for sale, (ii) the 264 unit Silver
Mesa phase which was converted into condominiums (of which all but
one unit have been sold) and (iii) the 259 unit Gold Peak phase
which is being retained by WRP and is currently under construction
as for-sale condominiums. In May 2005, WRP reported that its Board
of Directors approved a Plan of Liquidation (the "Plan") and that
stockholders could receive $18.00 to $20.50 per share in total
distributions over the liquidation period, including an initial
distribution of $12.00 to $14.00 per share within 30 days after
stockholder approval of the Plan and the closing of the sale of the
three rental phases of Palomino Park. The above described
transaction, at the above price, does not alter the currently
estimated range of the initial distribution as previously
disclosed. WRP is a real estate merchant banking firm headquartered
in New York City, which acquires, develops, finances and operates
real properties, constructs for-sale single family home and
condominium developments and organizes and invests in private and
public real estate companies. This press release, together with
other statements and information publicly disseminated by WRP,
contains certain forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934 as amended. Such
forward-looking statements involve known risks, uncertainties and
other factors which may cause the actual results, performance or
achievements of WRP or industry results to be materially different
from any future results, performance or achievements expressed or
implied by such forward-looking statements. Such factors include,
among others, the following, which are discussed in greater detail
in the "Risk Factors" section of WRP's registration statement on
Form S-3 (File No. 333-73874) filed with the Securities and
Exchange Commission ("SEC") on December 14, 2001, as may be
amended, which is incorporated herein by reference: changes to the
amount of the purchase price as a result of the due diligence by
the buyer; inability or failure of the buyer to close; failure of
the stockholders to approve the Plan and/or the Stock Split; the
Board could abandon the Plan and/or Stock Split even if they are
approved by the stockholders; cost savings from becoming a private
company may not be as high as anticipated; failure to achieve
proceeds from the sales of assets to meet the estimated ranges of
initial and total distributions to stockholders; the uncertainty as
to the timing of sales of assets and the impact on the timing of
distributions to stockholders; illiquidity of certain assets;
increases in expenses which would negatively impact the amount of
distributions pursuant to the Plan; unknown claims and liabilities
which would negatively impact the amount of distributions pursuant
to the Plan; the sale of undeveloped land, rather than the
construction and sale, in the normal course of business, of single
family homes or condominiums which would negatively impact the
amount of distributions pursuant to the Plan; and other risks
listed from time to time in WRP's reports and proxy statement filed
with the SEC. Therefore, actual results could differ materially
from those projected in such statements.
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