Printer Friendly

WESTINGHOUSE COMPLETES SALE TO LW REAL ESTATE INVESTMENTS

 PITTSBURGH, May 18 /PRNewswire/ -- Westinghouse Electric Corporation (NYSE: WX) announced today that it has completed the sale of substantially all of the commercial real estate assets it had previously agreed to sell to LW Real Estate Investments, L.P., a partnership affiliated with Lehman Brothers.
 Cash proceeds were approximately $900 million after adjustments for asset liquidations. Westinghouse invested approximately $130 million for a 49 percent limited partnership interest.
 On April 8, Westinghouse announced that it had agreed to sell the majority of the commercial real estate portfolio of its financial services unit for approximately $1 billion, an amount exceeding the reserved value of the assets. The assets had a book value before reserves of $1.7 billion.
 The sale will enable Westinghouse to liquidate most of its commercial real estate assets by mid-year.
 /delval/
 -0- 5/18/93
 /CONTACT: Jay McCaffrey of Westinghouse Electric, 412-642-3366/
 (WX)


CO: Westinghouse Electric Corporation; LW Real Estate Investments, L.P. ST: Pennsylvania IN: SU:

CD -- PG013 -- 9874 05/18/93 15:03 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:May 18, 1993
Words:169
Previous Article:INTERNATIONAL BROTHERHOOD OF ELECTRICAL WORKERS STATE CONFERENCE ENDORSES IPALCO'S BID TO ACQUIRE PSI
Next Article:PELLA CORPORATION WINS FIRST-EVER 'PROMISE TO THE EARTH' AWARD; NATIONAL ARBOR DAY FOUNDATION HONORS PELLA FOR ENVIRONMENTAL LEADERSHIP
Topics:


Related Articles
SUNDSTRAND ACQUIRES ELECTRICAL SYSTEMS DIVISION OF WESTINGHOUSE
WESTINGHOUSE DISCONTINUES TALKS WITH GE CAPITAL
WESTINGHOUSE, LEHMAN BROTHERS AGREE
WESTINGHOUSE PUSHING TRANSFORMATION, CHAIRMAN REPORTS
WESTINGHOUSE COMPLETES SALE OF WESCO TO CLAYTON, DUBILIER & RICE
WESTINGHOUSE NAMES COUNTRY EXECUTIVES IN INDIA, RUSSIA
WESTINGHOUSE SELLS INTEREST IN LW REAL ESTATE PARTNERSHIP
Sale of Westinghouse Businesses to MK/BNFL Complete.
MSA Closes on 83-Acre Sale of Land in Cranberry Township Site to Serve as New HQ for Westinghouse Electric Company.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters