London Times Online - February 12, 2004
Robbie Tchenguiz, the multimillionaire property investor, is to buy eight Welcome Break motorway service stations in a deal worth £247.5 million. The sale and leaseback with Mr Tchenguiz's Rotch Property Group is a key plank in a £386.9 million rescue proposal for the roadside operator by Investcorp, the Bahrain-based private equity firm that bought Welcome Break from Granada in 1997 for £476 million.
Under the terms of the deal, proceeds of the sale and leaseback, together with new debt and equity funding, would be used to pay off £345.9 million of company bonds.
Welcome Break, which operates 25 service stations and 21 lodges, became one of the UK’s first “whole business” securitisations after it was acquired by Investcorp. The sites being sold to Mr Tchenguiz are the last eight that remain.
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