Summary
This 8-K filing by AMB Property Corporation reports a significant asset disposition by its affiliate, AMB Institutional Alliance Fund I, L.P., and other related entities. On December 29, 2005, these entities sold a substantial portfolio of operating properties to RREEF America L.L.C. and its subsidiaries for approximately $570.7 million. This transaction represents a strategic move to divest a portion of the company's asset base. While the primary sale involved operating properties, it's important to note that the filing specifies certain excluded transfers. Specifically, an entity holding real property valued at approximately $38.25 million was not transferred as part of the main sale to RREEF, and another affiliate transferred real property valued at approximately $9.5 million to a different third party. The details of the purchase and sale agreement, including liability releases, representations, prorations, indemnities, and limitations on seller liabilities, are also highlighted.
Key Highlights
- 1AMB Property Corporation's affiliate, AMB Institutional Alliance Fund I, L.P., and other affiliates sold operating properties for $570.7 million.
- 2The buyer was RREEF America L.L.C. and certain of its subsidiaries.
- 3The transaction closed on December 29, 2005.
- 4The sale was conducted under a purchase and sale agreement dated December 29, 2005.
- 5Certain property interests valued at $38.25 million and $9.5 million were excluded from the main sale and handled separately.
- 6The agreement includes standard provisions like liability releases, representations, prorations, indemnities, and limitations on seller liabilities.