Thursday, April 26, 2007

Jardiland Completes €242 Million Sale Leaseback of 57 Gardening Centers in France

Fonciere des Murs Web Site - April 24, 2007

Fonciere des Murs has signed a memorandum of understanding to acquire a portfolio of 57 gardening centres operated by the Jardiland group for €242m, including transfer duties and transaction costs. The property assets, operated by the leading garden centre retail chain in France, are located across the country and represent two thirds of Jardiland's garden centre asset base.

Triple net leases were signed on the properties for a firm period of 12 years. The leases, which may be renewed up three times every nine years, carry indexed fixed rents representing annual rental income of €15.2m (i.e. a 6.3% cap rate), net of VAT.

A partnership agreement will be drawn up as part of the transaction enabling Jardiland to benefit from Fonciere des Murs' skills in forging partnerships, to accommodate Jardiland's growth. The transaction will be carried out in the form of a sale and leaseback operation. Sphere: Related Content

No comments:

Wikinvest Wire