Business & Finance
Business and Finance
Business and Finance
Mon, January 12, 2009
Sun, January 11, 2009 Equity One Acquires Additional Stake in DIM Vastgoed N.V.
NORTH MIAMI BEACH, Fla.--([ BUSINESS WIRE ])--Equity One, Inc. (NYSE: EQY), an owner, developer, and operator of shopping centers, announced today that it has entered into an agreement under which it will acquire approximately 2 million ordinary shares of DIM Vastgoed N.V. ("DIM") from Homburg Invest Inc. ("Homburg"). Under the agreement, Equity One will issue 866,373 shares of its common stock in exchange for a total of 1,237,676 DIM shares or share equivalents (or an exchange ratio of 0.7 of a share of common stock per DIM share) at an initial closing, expected to occur no later than January 14, 2009. In addition, Equity One will obtain from Homburg voting rights with respect to another 766,573 DIM shares that Homburg has the right to acquire on October 1, 2010. Subject to certain conditions, the agreement also provides for Equity One to acquire these DIM shares or share equivalents at the same 0.7 exchange ratio (or an aggregate of 536,601 shares of Equity One common stock) from Homburg once Homburg has acquired them. The agreement also provides for customary registration rights with respect to the Equity One common stock issued to Homburg.
As a result of the initial exchange and the voting rights agreement, Equity One will at the initial closing have voting control over 73.3% of DIM's ordinary shares, including the approximately 4 million DIM shares it already owns and excluding treasury shares.
"We are pleased to be able to acquire an additional 24% interest in DIM Vastgoed from Homburg," said Jeff Olson, CEO of Equity One. "We look forward to formulating plans for DIM's future together with the company's Supervisory and Management Boards."
ABOUT EQUITY ONE, INC.
As of September 30, 2008, Equity One owned or had interests in 162 properties, consisting of 146 shopping centers comprising approximately 16.0 million square feet, six projects in development/redevelopment, six non-retail properties, and four parcels of land.
FORWARD LOOKING STATEMENTS
Certain matters discussed by Equity One in this press release constitute forward-looking statements within the meaning of the federal securities laws. Although Equity One believes that the expectations reflected in such forward-looking statements is based upon reasonable assumptions, it can give no assurance that these expectations will be achieved. Factors that could cause actual results to differ materially from current expectations include changes in macroeconomic conditions and the demand for retail space in the states in which Equity One owns properties; the continuing financial success of Equity One's current and prospective tenants; continuing supply constraints in its geographic markets; the availability of properties for acquisition; the success of its efforts to lease up vacant space; the effects of natural and other disasters; the ability of Equity One successfully to integrate the operations and systems of acquired companies and properties; and other risks, which are described in Equity One's filings with the Securities and Exchange Commission.
