PRNewswire-FirstCall - April 19, 2004
American Financial Realty Trust announced that it has signed agreements to purchase three office buildings to be developed by Koll Development, LLC and net leased by an affiliate of Citigroup, Inc. The three buildings, totaling approximately 531,000 square feet, will be located in Louisville, Kentucky, Greensboro, North Carolina and Boise, Idaho. All three properties are to be developed concurrently and are expected to be completed in the fourth quarter of 2004.
American Financial's purchase price for the three properties will be between $85.6 million and $88.6 million, based upon construction requirements of the lessee, payable upon completion of construction. American Financial will assume no development risk in the transactions, as an affiliate of Citigroup has net leased the properties at a rental rate to be determined as a percentage of the Company's gross purchase price. The Citigroup leases will be for an initial term of 15 years with two five-year renewal options. Citicorp (rated AA- by Standard and Poor's) will guarantee the lessee's obligations under the leases.
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Tuesday, April 20, 2004
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