JER Partners Completes Sale of Listed Belgian Investment and Discloses Key Transaction Terms

By Jer Partners, PRNE
Monday, October 4, 2010

MCLEAN, Virginia, October 5, 2010 - JER Partners ("JER") confirms the closing of 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 U.S.

JER sold the 25% shareholding in Immobel for a price between euro 35.68
and euro 36.56
per share, with the final price being determined by certain
post closing adjustments. Euro 8.25 per share was paid at closing of the
transaction on September 7, 2010, with the remainder being paid in
installments over a three-year period.

In addition, JER and Eastbridge have entered into a put and call option
over a further 4.85% shareholding in Immobel held by JER. The put option is
exercisable between September 1, 2013 and September 30, 2013, and the call
option is exercisable between October 1, 2013 and October 31, 2013. The
strike price for the put and call option will be the average daily market
closing price between July 1, 2013 and August 31, 2013, in the case of the
put option, and between August 1, 2013 and September 30, 2013, in the case of
the call option. The strike price will be subject to a minimum floor of euro
per share and a maximum cap of euro 40 per share.

JER acquired a 30.53% stake in Immobel in June 2007 through its third
European fund, JER Europe Fund III. 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

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
totaling US$28 billion. The firm also invests in CMBS, mezzanine financing
and other structured debt products. For more information, visit


    Chester Barnes, Managing Director and Head of JER Europe

    Clyde Robinson, Managing Director and Global Head of Investor Relations

Chester Barnes, Managing Director and Head of JER Europe, +44-(0)207-518-4350, chester.barnes at, or Clyde Robinson, Managing Director and Global Head of Investor Relations of JER Partners, +1-703-714-8016, clyde.robinson at

will not be displayed