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TrizecHahn Taking $235-Mil Writedown

LOS ANGELES-TrizecHahn Corp. has adjusted its valuations on several assets, based primarily on the results of recently completed independent third-party appraisals.

By Peter Landau | Updated on January 31, 2002

LOS ANGELES-TrizecHahn Corp. has adjusted its valuations on several assets, based primarily on the results of recently completed independent third-party appraisals.

The pre-tax provision for loss, which will be reflected in the Company’s year-end 2001 earnings statement, will total approximately $285 million. It will be applied to various non-core assets, most of which are being held for disposition.

Of the $285 million, approximately $217 million relates to the recently-opened Hollywood & Highland retail and entertainment complex, and another $68 million relates to other assets and investments — consisting primarily of Desert Passage ($18 million), European assets in Germany,Poland and the Czech Republic (total of $10 million), Canadian assets ($20 million) and the Company’s investment in Captivate Network ($11 million).

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