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Mission West Completes $1.3 Billion Portfolio Disposition

Divco West and TPG Real Estate Pay $400M Cash For Certain Assets
December 27, 2012
Mission West Properties, Inc. has completed its previously announced agreements to sell all of its real estate assets for about $1.3 billion.

The Cupertino, CA-based company sold certain assets to a joint venture sponsored by affiliates of Divco West and TPG Real Estate for about $400 million in cash and $398 million in assumed mortgage debts and other obligations.

Additionally, Mission West completed a separate transaction in which certain operating partnerships will retain their assets and liabilities with an approximate net value of $525 million.

Limited partners who did not convert their ownership interests into common stock of the company retained ownership interests in those operating partnerships. Mission West then withdrew as the general partner of each of the operating partnerships and with respect to any limited partnership interests it held in those partnerships.

As of Dec. 28, 2012, all common stockholders of record automatically become the holder of one unit of beneficial interest in a liquidating trust to be established by Mission West for each share of the company's common stock. All cash, other assets and remaining liabilities are expected to be transferred to the liquidating trust on that date.

The Mission West Board of Directors expect the initial distribution from the liquidation will be completed by Jan. 15, 2013, with subsequent distributions based on cash available after satisfying outstanding debts, applicable taxes and related transaction costs.

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