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SOURCE CommonWealth REIT
CHICAGO, July 9, 2014 /PRNewswire/ -- CommonWealth REIT (NYSE: CWH) announced today that it has sold its 22 million shares of Select Income REIT (SIR) for $31.51 per share, to Government Properties Income Trust ("GOV") and Reit Management & Research LLC ("RMR"). Total consideration for the transaction, including accrued dividends, is approximately $705 million.
The shares sold represent the Company's entire position in a non-strategic, non-controlling interest in SIR. The Company will evaluate options for the use of proceeds from the sale, including potential debt repayments and other corporate purposes.
The transaction was made pursuant to a Stock Purchase Agreement approved by the Company's Board of Trustees. The Agreement will be filed with the Securities and Exchange Commission.
About CommonWealth REIT
CommonWealth REIT (NYSE: CWH) is an internally managed and self-advised real estate investment trust, which primarily owns office buildings located in central business districts and suburban locations across the country, with executive offices in Chicago, Ill.
This press release may contain forward-looking statements and information within the meaning of the federal securities laws. These statements are based on current expectations, estimates, projections and assumptions made by management. While CommonWealth management believes the assumptions underlying its forward-looking statements are reasonable, such information is inherently subject to uncertainties and may involve certain risks. Other risks and uncertainties are described under the heading "Risk Factors" in our Annual Report on Form 10-K and subsequent periodic reports filed with the Securities and Exchange Commission (SEC) and available on our website, www.cwhreit.com. Many of these uncertainties and risks are difficult to predict and beyond management's control. Forward-looking statements are not guarantees of future performance, results or events. CommonWealth assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.
Investor and Media Contact
Sarah Byrnes, CommonWealth REIT, (312) 646-2801
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