Buffalo Grill Web Site - August 1, 2006
Following a competitive bidding process, Buffalo Grill, France’s leading steakhouse chain, has entered into exclusive negotiations with Klépierre aimed at concluding a strategic partnership that would operate on two levels:
1. Partnering with Klépierre on the development of its branded restaurant business in France and abroad
2. Sale of a portfolio of 128 real estate assets nationwide in France.
The sale of this portfolio would be accompanied by the conclusion of commercial leases whose initial term would be nine years firm, renewable twice thereafter at the initiative of Buffalo Grill, on the basis of minimum guaranteed rents and subject to a variable rent clause tied to revenue growth.
The sale price would be based on a global appraised value for the real estate assets of around 300 million euros. In the coming days, this strategic partnership will be presented to Buffalo Grill’s personnel representatives and submitted to the approval of its supervisory board.
Buffalo Grill has 290 restaurants in Europe, mainly in France, and generated consolidated revenue of 278 million euros in 2005. The company is indirectly owned by the private equity fund Colony Investors VII and Colyzeo (via SAIP).
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