Wereldhave sells U.S. property for $720 mln to Lone Star Funds

AMSTERDAM Mon Jan 7, 2013 2:43am EST

AMSTERDAM Jan 7 (Reuters) - Dutch property group Wereldhave has agreed to sell all its U.S. assets for $720 million to U.S. private equity group Lone Star Funds, Wereldhave said on Monday.

Wereldhave, which had earlier announced its intention to leave the U.S. market, said in a statement the total proceeds were about 5 percent above the properties' book value.

It said it will use the money to reduce debt.