Comercial Property News -March 19, 2007
With the signing of a definitive agreement with Shelton, Conn.-based EntreCap Financial Corp., New York City's Capital Lease Funding Inc. has committed to purchasing a diverse portfolio of 18 net leased properties. The acquisition cost, including the assumption of existing debt, is $364.4 million.
CapLease is a publicly-traded REIT that targets single-tenant commercial real estate assets that are leased under long-term agreements to high credit quality tenants. Company officials note in a statement that the properties it plans to acquire fit very well with its existing holdings. The company has made $750 million in such acquisitions since its 2004 initial public offering.
CapLease will rely on available cash and a short-term borrowing facility to complete the EntreCap deal, which called for CapLease to pay $5 million into escrow upon entering the agreement, and an additional $15 million into escrow upon the April 7 expiration of the due diligence period. The transaction is on schedule to close early next quarter.
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Tuesday, March 20, 2007
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