Wellsford Real Properties, Inc. Announces Redemption of Wellsford/Whitehall Joint Venture Interest
September 22 2005 - 3:00PM
Business Wire
Wellsford Real Properties, Inc. (AMEX: WRP) announced today that it
has completed the redemption of its 35.21% interest in
Wellsford/Whitehall Group, L.L.C. (the "Venture"), a joint venture
among WRP and the Whitehall Funds ("Whitehall"), and received
proceeds of approximately $8.3 million. WRP expects to report a
financial statement pre-tax gain of approximately $5.5 million on
the redemption transaction. After this transaction, WRP has no
further investment in the Venture. WRP is a real estate merchant
banking firm headquartered in New York City, which acquires,
develops, finances and operates real properties, constructs
for-sale single family home and condominium developments and
organizes and invests in private and public real estate companies.
Whitehall is a private equity fund sponsored by The Goldman Sachs
Group Inc. This press release, together with other statements and
information publicly disseminated by WRP, contains certain
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934 as amended. Such forward-looking
statements involve known risks, uncertainties and other factors
which may cause the actual results, performance or achievements of
WRP or industry results to be materially different from any future
results, performance or achievements expressed or implied by such
forward-looking statements. Such factors include, among others, the
following, which are discussed in greater detail in the "Risk
Factors" section of WRP's registration statement on Form S-3 (file
No. 333-73874) filed with the Securities and Exchange Commission
("SEC") on December 14, 2001, as may be amended, which is
incorporated herein by reference: changes to the amount of gain
reported as such amount is based upon preliminary information; and
other risks listed from time to time in WRP's reports filed with
the SEC. Therefore, actual results could differ materially from
those projected in such statements.
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