JER Partners Announces Sale of Listed Belgian InvestmentBy Jer Partners, PRNE
Monday, August 30, 2010
MCLEAN, Virginia, August 31, 2010 - JER Partners ("JER"), a private commercial real estate investment
management company, announced today that the firm has entered into a binding
agreement for the sale of a 25% shareholding in Immobel SA ("Immobel"), the
listed Belgian real estate development company, to a subsidiary of Eastbridge
Sarl ("Eastbridge"), a privately held company based in Luxembourg managing
euro 1.2 billion of real estate and other assets in Central and Eastern
Europe and the US. The sale will complete on September 7, 2010.
In addition, JER and Eastbridge are also entering into a put and call
option over a further 4.85% shareholding in Immobel, with the put option
exercisable between September 1, 2013 and September 30, 2013 and the call
option exercisable between October 1, 2013 and October 31, 2013.
JER acquired a 30.53% stake in Immobel in June 2007 through its third
European fund, JER Europe Fund III. JER has managed capital commitments in
Europe and the U.S. totalling more than US$4 billion.
Commenting on the sale, Chester Barnes, Head of JER Europe, said, "We are
delighted to have participated in the development of Immobel over the past
three years. We believe that Eastbridge will further contribute to the growth
of Immobel, leveraging its expertise in the real estate sector. As a sign of
our confidence in the future of Immobel, we have retained a significant
portion of our investment in the company for the next three years in order to
share in the further anticipated growth of Immobel."
JER Partners ("JER") is a fully integrated private real estate investment
management company with more than 29 years of experience in sourcing,
underwriting and managing a broad spectrum of real estate equity investments
and debt products in the U.S. and Europe. Together with its financial and
operating partners, JER has purchased and managed approximately 15,000 assets
totalling US$28 billion. The firm also invests in CMBS, mezzanine financing
and other structured debt products. For more information, visit
Contact: Chester Barnes, Managing Director and Head of JER Europe email@example.com +44(0)207-518-4350 Clyde Robinson, Managing Director and Global Head of Investor Relations +1-703-714-8016 firstname.lastname@example.org
Chester Barnes, Managing Director and Head of JER Europe, +44(0)207-518-4350, chester.barnes at jer.com, or Clyde Robinson, Managing Director and Global Head of Investor Relations, +1-703-714-8016, clyde.robinson at jer.com, both of JER Partners
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