KBS Real Estate Investment Trust II, Inc.: M&A transaction — KBS REIT II sells Union Bank Plaza for $104M, down from $155M original price

KBS Real Estate Investment Trust II, Inc.

Sale closed March 30, 2023; price reduced from $155M to $104M after 13 amendments.
Third-party closing costs of ~$1.1M; disposition fees payable to Advisor excluded.
Net cash proceeds of $90.2M (after deducting $10.5M in extension fees already paid).
Pro forma net assets in liquidation as of Dec 31, 2022: $133.6M, up $0.2M from historical.
Property was a 40-story, 701,888 sq ft office building in Los Angeles.

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

KBS Real Estate Investment Trust II, Inc. completed a disposition involving WB Union Plaza Holdings LLC for $104.0 million (closed 2023-03-30).

Action: disposition
Counterparty: WB Union Plaza Holdings LLC
Consideration: $104.0 million
Closing: 2023-03-30

Exact text from the filing

On March 30, 2023, the Company completed the sale of Union Bank Plaza to the Purchaser for $104.0 million, before third-party closing costs of approximately $1.1 million and excluding disposition fees payable to the Advisor.

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Source: SEC EDGAR

accession 0001411059-23-000033

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