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Author: Patrick R. Mickey Landes Group Acquires 313 CVS Pharmacy Stores for $1.375 Billion in 2009PRWeb - February 24, 2010Landes Investment Group, Inc. (the “Landes Group”), a privately held real estate investment and development company, announced today that it has acquired a total of 313 CVS pharmacy properties valued at $1.375 billion. The acquisition of the properties, located in 33 states, came via three separate deals in 2009, the last of which was completed in mid-December 2009.“Last year was an extremely difficult time for many businesses, so we’re pleased that we were able to acquire these properties at competitive rates in the midst of a challenging economy when so few transactions were being done,” says Brett Landes, the company’s founder and president. “The fact that we were able to have such a successful year speaks to the strength of our relationship with CVS, as well as our reputation and history.”The Landes Group purchased the properties from CVS as sale-and-leaseback transactions, by which the company buys land and buildings from CVS, then leases them back over a long term. The first round of transactions was completed in June 2009 for 122 properties valued at approximately $495 million; the second round closed in September 2009 for 25 properties valued at $137 million; and the third round was completed in December 2009 for 166 properties valued at $743 million.The deals were closed through LLWG Capital, Inc., a related entity of which Landes is President. Barclays Capital, a global financial services provider, was the primary investment banker for the deals. Liechty & McGinnis, LLP served as advisor and legal counsel on the transactions.Sphere: Related ContentPosted byPatrick R. Mickeyat10:26 PM0comments  Links to this post Royal Mail Seeking £500 Million Sale Leaseback of UK Mail Sorting FacilitiesThe Independent - February 21, 2010Royal Mail is planning to raise an estimated £500m by selling up to half its mail sorting centres.King Sturge, a property agent, has been asked to sell three centres in Warrington, Northampton and Manchester to test the market. It is hoped these will raise around £50m, with 25 to 35 centres in total likely to be sold off over the next 12 months.Under the sale-and-leaseback arrangement, the centres would be bought and run by property companies, while Royal Mail would rent them back for 20 years. The sales would be one of the last big moves by outgoing chief executive Adam Crozier, whose controversial policies to reform the company have included closing thousands of post office branches and cutting jobs.Mr Crozier is joining broadcaster ITV as chief executive later this year.King Sturge declined to comment. Royal Mail did not contradict the story but a spokeswoman insisted: "We are committed to, and investing in, these sites for the long-term and have no plans whatsoever to vacate them."Sphere: Related ContentPosted byPatrick R. Mickeyat12:14 AM0commentsLinks to this post Accor Completes EUR154 Million Sale Leaseback of Five Hotels in EuropeAccor Web Site - February 19, 2010As part of the ongoing deployment of its “asset right” strategy, Accor has announced an international real estate transaction involving the sale of five hotels (representing more than 1,100 rooms) in four European countries for €154 million.The transaction has been carried out with Invesco Real Estate, a major real estate manager in the United States, Europe and Asia, with assets under management of more than €18 billion, of which €650 million in European and US hotel properties. The transaction involves five hotels:- The Novotel Muenchen City in Munich (307 rooms)- The Novotel Roma la Rustica (149 rooms) and the Mercure Corso Trieste in Rome (97 rooms)- The Mercure Zabatova in Bratislava, currently under construction (175 rooms)- The Pullman Paris La Défense (384 rooms)The Novotel and Mercure hotels have been sold under a sale and variable leaseback agreement for €74 million, of which €17 million for the Mercure Zabatova. They will continue to be operated by Accor under a 15-year variable-rent lease (corresponding to 22% of average annual revenue) that can be renewed at Accor’s initiative. Insurance, property taxes and structural maintenance costs will now be at the owner’s expense.The Pullman Paris La Défense has been sold for €80 million, including a €10-million renovation program at the owner’s expense. The hotel will continue to be operated by Accor under a 12-year management contract that can be renewed six times.Financially, the transaction enables Accor to reduce adjusted net debt by €93 million in 2010 and will have a neutral impact on operating profit before tax and non-recurring items.The transaction confirms Accor’s ability to continue actively pursuing its “asset right” strategy, even in a difficult economic environment, with the goal of reducing earnings volatility and sharpening the focus on its core competency – hotel management.Sphere: Related ContentPosted byPatrick R. Mickeyat11:00 PM0commentsLinks to this postSainsbury Agrees to £55 Million Sale Leaseback of Supermarket in West LondonProperty Week - February 12, 2010Sainsbury’s has agreed a sale and leaseback with Aviva Investors in Hayes, west London.The pair agreed to regear the long leasehold at the 125,000 sq ft Sainsbury’s supermarket and petrol filling station at Lombardy Retail Park.Aviva paid £55m for the leasehold and Sainsbury’s agreed a rent linked to the Retail Prices Index.The Sainsbury’s deal is one of the largest purchases of a single supermarket in the last five years and is further evidence of the number of institutions keen to buy supermarket assets.Grocery sales have continued to rise, despite the recession.Jones Lang LaSalle advised Sainsbury’s; Briant Champion Long advised Aviva.Sphere: Related ContentPosted byPatrick R. Mickeyat2:14 PM0commentsLinks to this postTopland Seeking £200 Million for Net Leased Property PortfolioProperty Week - February 19, 2010Topland plans to sell 20 assets to reinvest in larger corporate sale and leaseback deals.The 20 UK assets across a range of sectors being sold include: a BUPA hospital on Gray’s Inn Road, WC1 for around £10m, an 84,000 sq ft City office at 51-55 Gresham Street, EC2 at £46.8m, which would reflect a yield of 7.5%; an 184,008 sq ft Royal Mail sorting and distribution centre in Plymouth at £14.7m, a 60,803 sq ft Call Centre let to Orange being marketed at £10.8m and a range of Budgens, Sainsbury, Somerfield and Tesco supermarkets priced between £3m and £8m.Tom Betts, Topland’s director of structured finance, said: “There is currently strong demand for good covenants and longer term income driven by the institutions and equity rich investors. The properties are all at the smaller end of our portfolio but are in an attractive price range which banks can fund.“Topland is currently focused on larger assets and corporate sale-and-leasebacks both in the UK and Europe.”Cushman & Wakefield, Jones Lang LaSalle and Lewis & Partners are advising on sales.Eddie Zakay is chairman of Topland’s UK-based operations. Sol Zakay is based in Topland Group’s headquarters in Gibraltar.Sphere: Related ContentPosted byPatrick R. Mickeyat2:10 PM0commentsLinks to this post Imagine Schools Closes $61 Million Sale Leaseback of Seven Charter SchoolsGlobeSt.com - February 16, 2010Inland Public Properties Development Inc, a subsidiary of Inland American Real Estate Investment Trust Inc., has purchased seven charter schools for $61 million. The sales-leaseback deal includes schools managed by Imagine Schools Inc.Inland officials say this deal is innovative in the way it involves both the public and private sector.“This innovative transaction allows Imagine to focus on its critical mission of public student education and development, while we focus on providing the capital for the bricks and mortar,” says Chuck Jones, president and CEO of IPPD. “We think this is the true definition of a public-private partnership, and one that positions IPPD for continued growth in the social infrastructure community.”The seven charter schools are located in Arizona, Colorado, Florida, Maryland, and Washington, DC. Imagine will lease back the schools for 20 years on a triple-net master lease. The rental rate on the deal was not disclosed.“This transaction demonstrates our commitment to social infrastructure assets, which are stable, income producing properties supported by state and federal funding programs,” says Lori Foust, CFO of Inland American Business Manager & Advisor Inc. “These charter schools are strong additions to Inland American’s diverse portfolio.”Imagine has 71 public charter schools educating more than 36,000 children in 11 states and Washington, DC.Sphere: Related ContentPosted byPatrick R. Mickeyat12:09 AM0commentsLinks to this post Imagine Schools Enters $44 Million Sale Leaseback of Five Charter SchoolsKansas City Business Journal - January 22, 2010Entertainment Properties Trust has increased its investment in public charter schools by $48 million, the company said Friday.The company (NYSE: EPR) purchased five new charter schools from Imagine Schools Inc. of Arlington, Va., at a cost of $44 million and agreed to finance expansion of two others at a cost of $4 million.Entertainment Properties Trust, which is based in Kansas City, will lease the five new schools back to Imagine Schools, a leading operator of public charter schools.Entertainment Properties Trust’s portfolio now includes 27 charter schools that Imagine Schools operates in nine states and the District of Columbia.“We are excited to add to our public charter school portfolio and enthusiastic about the prospects of Imagine and this investment category,” Entertainment Properties Trust CEO David Brain said in a release.In an interview, Brain said the Imagine Schools transaction announced Friday fulfilled Entertainment Properties’ 2007 commitment to make at least $200 million worth of acquisitions from Imagine. It also increases Entertainment Properties’ footprint in what Brain called “a huge new category” for private real estate investment.“Public charter schools are now a 4 or 5 percent slice of a couple trillion dollar public education real estate market,” Brain said.Heretofore, new public schools have been financed almost exclusively through school-bond issues, he said. But Brain said the move to “decentralize and debureaucratize public education” is creating an increasing number of charter schools, which aren’t as cost-efficiently financed through bond issues.The five new charter schools purchased by Entertainment Properties contain more than 357,000 square feet of educational space and have an enrollment in excess of 2,600 students. All of the Imagine schools owned by Entertainment Properties are governed by a triple-net master lease with a 25-year primary term.Sphere: Related ContentPosted byPatrick R. Mickeyat10:44 AM0commentsLinks to this post Legal & General Launches £500 Million Net Leased UK Property FundProperty Funds World - February 8, 2010Legal & General Property has launched the LPI (Limited Price Inflation) Income Property Fund, which aims to offer defined benefit pension schemes a way to invest in property coupled with a secure source of income, primarily government-backed, all with inflation-linkage.Providing pension investors with an alternative to traditional index-linked gilts and bonds, which produce average real yields of around 1.5 per cent, the fund aims to deliver a real) yield in excess of four per cent per annum.To achieve this, the portfolio will be structured around properties whose value is predominantly derived from their leases. The fund will hold assets which will primarily be let to government or quasi-government tenants for a minimum of 20 years, with their income streams linked to inflation. These assets provide secure, inflation-linked income streams ideally suited for pension fund investors, combined with significantly lower volatility than would be expected from a typical property fund.The fund will take advantage of the sale-and-leaseback assets currently being offered to LGP through its access to on and off-market opportunities, leveraging its in-house property expertise and relationships with banks and public sector bodies.The fund will be diversified both by sector class and geography across the UK and will have a target size of GBP500m, with no gearing, either direct or indirect.Michael Barrie (pictured), director of balanced funds at Legal & General Property, says: “Offering a new innovative approach to pension investors looking for a secure higher yield alternative to long-dated index linked bonds, the Fund combines liability matching with reduced volatility, based on inflation-linked income streams. “Although the capital values have recovered strongly in recent months, the yield gap between inflation-linked properties and equivalent index-linked gilts offers a very attractive opportunity to our investors. It may be some while before rental levels in the UK begin to recover and many investors will prefer an income stream that rises with inflation over one that is linked to the underlying occupier market.”Sphere: Related ContentPosted byPatrick R. Mickeyat6:25 PM0commentsLinks to this postArizona House OKs Additional $300 Million Sale Leaseback of State BuildingsArizona Daily Star - February 10, 2010Without a vote to spare, the House on Tuesday gave final approval to putting the state in debt for the next 20 years to balance the books this year.The 31-27 vote came over objections by lawmakers from both parties who had different reasons they did not like the plan. But a majority said they saw little alternative.Rep. Nancy McLain, R-Bullhead City, said the state's position is not unlike one she faced during the recession of the early 1990s with her janitorial firm.First she and her husband stopped taking a salary, then borrowed against a bank line of credit until that was exhausted, then maxed out the credit cards, just to stay afloat, she said.Rep. Bill Konopnicki, R-Safford, said he also has run into situations as the owner of McDonald's restaurant franchises, and recognizes there is a place for debt. But this is excessive."Never, never, never do you take a 20-year note to meet payroll," he said. "This is absolutely, totally irresponsible."The measure, which now goes to the governor, orders the sale of another $300 million in state buildings, which the state will lease back for 20 years. At the end of that time, ownership will revert back to the state.It also calls for borrowing $450 million outright for the next 20 years. To get around the constitutional limit on state debt, repayment will come from future lottery proceeds, not the state general fund.Those moves still leave the state with a $450 million gap. A measure, already approved by the Senate, would delay making a $350 million payment due to public schools in April until the next fiscal year, and would defer $100 million in aid to the state's three universities.House Republican leaders put off bringing that issue to the floor because they were unsure they could get the necessary 31 votes for final approval of that plan.This won't be the first state building sell-off. It already sold off $735 million worth of buildings last month in a similar deal to generate immediate cash.In addition to those measures, the House and Senate have previously approved asking voters for a temporary 1-cent-per-dollar hike in state sales taxes. But even if that measure is approved on May 18, the revenues won't flow into the treasury quickly enough to help balance the budget for the fiscal year that ends June 30.Sphere: Related ContentPosted byPatrick R. Mickeyat5:55 PM0commentsLinks to this post Ballard Power Agrees to $19.5 Million Sale Leaseback of Canadian HQBallard Power Web Site - February 8, 2010Ballard Power Systems (TSX: BLD; NASDAQ: BLDP) announced that it has entered into a sale-and-leaseback agreement with Madison Pacific Properties Inc. (TSX: MPC) (www.madisonpacific.ca). Ballard will sell its head office building site in Burnaby, British Columbia in return for gross cash proceeds of approximately C$20.8 million (US$19.5 million). The company will also enter into an initial fifteen-year lease agreement for the same property. The transaction is expected to close on March 9, 2010.Bruce Cousins, Ballard's Chief Financial Officer, said, "This transaction presented an opportunity to extract cash from a non-core asset and further fortify our strong balance sheet, augmenting the company's cash reserves to approximately $100 million. At the same time, Ballard's continued use of the site is secured through a long-term lease arrangement."John Sheridan, Ballard's President & CEO, added, "This transaction, along with the monetization of our Share Purchase Agreement and our progress in market development in 2009, has positioned Ballard for strong performance in 2010. We continue to expect revenue growth in excess of 35% and improved cash flow from operations by 30% in 2010, and positive EBITDA performance during 2011."Sphere: Related ContentPosted byPatrick R. Mickeyat10:41 PM0commentsLinks to this post Older PostsSubscribe to:Posts (Atom)Subscribe Now Subscribe in a reader addthis_url = location.href; addthis_title = document.title; addthis_pub = 'pmickey';  Subscribe via emailEnter your email address:Delivered by FeedBurnerAbout The Author View my complete profilePage ViewsCurrency ConverterTranslate this Blog       Powered By  US Treasury Bonds and Notesstock market infoWorld Stock Exchange Watchstock market infoBlog Archive▼ 2010(29)▼ February(14)Landes Group Acquires 313 CVS Pharmacy Stores for ...Royal Mail Seeking £500 Million Sale Leaseback of ...Accor Completes EUR154 Million Sale Leaseback of ...Sainsbury Agrees to £55 Million Sale Leaseback of ...Topland Seeking £200 Million for Net Leased Proper...Imagine Schools Closes $61 Million Sale Leaseback ...Imagine Schools Enters $44 Million Sale Leaseback ...Legal & General Launches £500 Million Net Leased U...Arizona House OKs Additional $300 Million Sale Lea...Ballard Power Agrees to $19.5 Million Sale Leaseba...CWT Nearing $445 Million Sale Leaseback of Two Log...AIB Seeking €40m Sale Leaseback of 23 Bank Branche...Hanesbrands Enters $23.5 Million Sale Leaseback of...RBS Considering £500 Million Sale Leaseback of HQ ... ► January(15)Piggly Wiggly Enters $28 Million Sale Leaseback of...Spanish Real Estate Lawyers Benefit From Flood of ...Whitbread Mulls More Hotel Sale LeasebacksLa Caixa Studies Large Sale Leaseback of Spanish B...ARA and CWT Discussing $1 Billion Sale Leaseback t...Natural Cool Completes $40.3 Million Sale Leasebac...State of Arizona Sale Leaseback Raises $735 Millio...Tesco Enters EUR 36 Million Sale Leaseback of Dist...Steinwedell Departs AIC VenturesLaPuma Departs WP CareyNet Lease Specialist Stan Johnson Company Planning...Quiron Group Closes EUR 55 Million Sale Leaseback ...Telereal Trillium To Sell £475 Million Net Leased ...Savola Enters $80 Million Sale Leaseback of Centra...CIMB Agrees to $88 Million Sale Leaseback of 65 Ba... ► 2009(146) ► December(20)Ferrovial Enters EUR 40 Million Sale Leaseback of ...Whitbread Agrees to £36 Million Sale Leaseback of ...Elmec Agrees to EUR 40 Million Sale Leaseback of ...Kesko Completes EUR 156 Million Sale Leaseback of ...HSBC Enters $573 Million Sale Leaseback of Paris O...Rave Cinemas Completes $121 Million Sale Leaseback...Home Depot Distribution Center in Topeka, KS Sold ...Occupiers Sold on Sale and LeasebacksJPMorgan Chase Agrees to $109 Million Sale Leaseba...Travelodge Launches £100 Million UK Sale Leaseback...CVS/Caremark Arranges $745 Million Lease Financing...CB Richard Ellis Hired by California for $2B Sale ...US Oncology HQ Near Houston Sold for $45 MillionDetention Facility and Police Building Under Const...AIC Ventures Starts New Sale Leaseback Investment ...Shoppers Drug Mart Agrees to $30 Million Sale Leas...Carillion Completes Sale Leaseback of UK Support C...Minerva Seeking £41 Million Sale Leaseback of Lond...Novo Nordisk Office Building In Princeton Sold for...Deutsche Telekom Completes EUR 29 Million Sale Lea... ► November(22)Citibank Bay Area Sale Leaseback of Bank Branches ... ► October(7) ► September(17) ► August(3) ► July(13) ► June(17) ► May(11) ► April(6) ► March(11) ► February(13) ► January(6) ► 2008(119) ► December(6) ► November(6) ► October(2) ► September(7) ► August(13) ► July(8) ► June(10) ► May(7) ► April(10) ► March(14) ► February(15) ► January(21) ► 2007(259) ► December(25) ► November(25) ► October(24) ► September(18) ► August(14) ► July(34) ► June(15) ► May(8) ► April(16) ► March(41) ► February(15) ► January(24) ► 2006(314) ► December(35) ► November(34) ► October(17) ► September(20) ► August(21) ► July(32) ► June(23) ► May(15) ► April(18) ► March(38) ► February(28) ► January(33) ► 2005(95) ► December(37) ► November(37) ► October(21) ► 2004(90) ► May(14) ► April(15) ► March(21) ► February(16) ► January(24) ► 2003(108) ► December(30) ► October(23) ► September(48) ► August(7) Wikinvest Wirevar ww_widget_node=document.getElementById("wikinvestwire_widget").parentNode;for(var i=0;i |
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News on sale leaseback transactions, lease financings, and the sale of single tenant net leased real estate investments worldwide. Weblog editor: Patrick R. Mickey.
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