VALUE PROPERTY TRUST AND SUBSIDIARIES FORM 8-K
Wellsford Real Properties, Inc.
000 Xxxxx Xxxxxx, Xxx Xxxx, Xxx Xxxx 00000
000-000-0000 FAX: 000-000-0000
FOR IMMEDIATE RELEASE:
WELLSFORD REAL PROPERTIES, INC.
TO ACQUIRE VALUE PROPERTY TRUST
NEW YORK, September 19, 1997 -- Wellsford Real Properties Inc. (AMEX: "WRP") and
Value Property Trust (NYSE: "VLP") have entered into a definitive agreement for
WRP to acquire VLP, a real estate investment trust, in a merger transaction for
cash and stock currently valued at approximately $180 million, it was announced
today by Xxxxxxx X. Xxxxxxx, Chairman of Wellsford and Xxxxxx X. Xxxxxxxxx,
President and CEO of Value Property Trust.
Pursuant to the terms of the Merger Agreement, WRP will pay to VLP
shareholders approximately $130 million in cash and issue an aggregate of 3.35
million shares of its common stock resulting in each VLP shareholder receiving
$11.58 in cash and 0.2984 common shares of WRP for each share of VLP. VLP
primarily owns 21 properties (with 2.1 million SF) and currently has
approximately $64 million in net cash. The portfolio is diversified both by
property type and geographic location. Seven office/industrial properties with
600,000 SF are located in Southern California, and 14 office/industrial and
retail properties with 1.5 million SF are located primarily throughout the
mid-Atlantic region.
The proposed acquisition, which will be accounted for as a purchase, is
subject to certain closing conditions, and is expected to be completed by
January 1998. Xxxxxxx Xxxxx & Co. Inc. represents VLP in this transaction.
WRP also announced that it has entered into an agreement to sell, upon
completion of the merger, for $65 million 13 of the VLP properties to Whitehall
Street Real Estate Limited Partnership VII, a discretionary real estate fund
affiliated with Xxxxxxx, Xxxxx & Co.
WRP was founded to create and realize value by identifying and making
opportunistic real estate investments through the direct acquisition,
rehabilitation, development, financing and management of real properties and/or
participation in these activities through the purchase of debt or equity
securities of entities engaged in such real estate businesses.
Press Contact: Xxxxxxx X. Xxxxxxx
Chairman
Wellsford Real Properties Inc.
(000) 000-0000
Xxxxxx X. Xxxxxxxxx
President and CEO
Value Property Trust
(000) 000-0000
