Telegraph - March 27, 2008
Supermarket chain J Sainsbury has struck a £1.2bn property deal with developer British Land by placing 38 of its stores into a joint venture.
The purpose of the deal is to improve those stores, which were owned by British Land and leased back to Sainbury's on 20-year agreements, through extensions and developments. Sainsbury's chief executive, Justin King, has been under pressure to extract more value from its property portfolio.
Twenty-five of the 38 stores, which are valued at £1.2bn, have already been earmarked for expansion, increasing net selling area by about 500,000 sq ft. The joint venture also owns one Waitrose store.
Sainbury's is investing £273m into the 10-year partnership, and said that the deal was in line with its strategy of increasing control of those supermarkets which have development potential, while selling off its fully developed stores.
Last year the retailer came under pressure from 5pc shareholder Robert Tchenguiz, the property entrepreneur, to sell off its freehold property and return cash to shareholders.
Referring to the joint venture, Sainsbury's chief executive Justin King, said: "This venture is an excellent opportunity for Sainsbury's to increase our interest in the future extension and development of many of our most important stores. "This will enable us to enhance the customer offer, increasing both the trading and property value of these assets."
British Land is the biggest owner of supermarkets, after retailers themselves, in the UK. Its total supermarket portfolio includes 97 stores, valued at £1.96bn.
Sphere: Related Content
Saturday, March 29, 2008
Tuesday, March 25, 2008
Creative Technology Enters $250 Million Sale Leaseback of Singapore Office Building
The Business Times - March 25, 2008
Creative Technology said yesterday it has entered into an agreement with a buyer to sell and lease back its 11-year-old Singapore office building at International Business Park.
The sale price for the proposed transaction is $250 million. Creative will lease back the whole building for five years with an option for additional periods of three and two years, the company said in a statement, without disclosing the identity of the buyer.
Creative said it expects to make a gain of about $200 million from the transaction. It said that in accordance with US accounting standards, this amount will be treated as a deferred gain and will be amortised and recognised in the company's income statements over the lease term of five years.
The deal, which is subject to regulatory and shareholder approval, is expected to be completed by end-June.
Creative has owned its flagship Singapore building - called Creative Resource - since it was completed in 1997. The MP3 player and PC sound card specialist moved into the building from its Ayer Rajah Industrial Estate premises that year.
Creative Resource houses the company's headquarters operations and subsidiaries in Singapore. Sphere: Related Content
Creative Technology said yesterday it has entered into an agreement with a buyer to sell and lease back its 11-year-old Singapore office building at International Business Park.
The sale price for the proposed transaction is $250 million. Creative will lease back the whole building for five years with an option for additional periods of three and two years, the company said in a statement, without disclosing the identity of the buyer.
Creative said it expects to make a gain of about $200 million from the transaction. It said that in accordance with US accounting standards, this amount will be treated as a deferred gain and will be amortised and recognised in the company's income statements over the lease term of five years.
The deal, which is subject to regulatory and shareholder approval, is expected to be completed by end-June.
Creative has owned its flagship Singapore building - called Creative Resource - since it was completed in 1997. The MP3 player and PC sound card specialist moved into the building from its Ayer Rajah Industrial Estate premises that year.
Creative Resource houses the company's headquarters operations and subsidiaries in Singapore. Sphere: Related Content
Kia Union to Strike Over $250 Million Sale Leaseback of Korean Auto Plant
Tradingmarkets.com - March 23, 2008
The labor union of Kia Motors said Monday that it will strike to protest the management's decision to generate liquidity through a sales and lease-back arrangement of manufacturing assets at one of its plants, which may affect workers' job stability.
The strike protesting the sale and lease-back of Kia's Sohari plant is expected to affect production in Sohari, Hwaseong and Gwangju, and will go into effect on Tuesday.
The labor leader said the strike will be maintained indefinitely, unless the management reconsiders the Sohari deal, which the company claims generated 250 billion won (US$250.7 million) in liquidity.
The labor activist claimed that the management broke a standing pact with the union by generating funds in a manner that can affect production and hurt job stability.
Labor experts, meanwhile, said the decision by Kia labor leaders to strike may be controversial because there was no union-wide vote. The motion was passed by a gathering of union representatives of Kia.
Kia Motors Corp. is South Korea's second-largest carmaker, and is an affiliate of the giant Hyundai Motor Co. Sphere: Related Content
The labor union of Kia Motors said Monday that it will strike to protest the management's decision to generate liquidity through a sales and lease-back arrangement of manufacturing assets at one of its plants, which may affect workers' job stability.
The strike protesting the sale and lease-back of Kia's Sohari plant is expected to affect production in Sohari, Hwaseong and Gwangju, and will go into effect on Tuesday.
The labor leader said the strike will be maintained indefinitely, unless the management reconsiders the Sohari deal, which the company claims generated 250 billion won (US$250.7 million) in liquidity.
The labor activist claimed that the management broke a standing pact with the union by generating funds in a manner that can affect production and hurt job stability.
Labor experts, meanwhile, said the decision by Kia labor leaders to strike may be controversial because there was no union-wide vote. The motion was passed by a gathering of union representatives of Kia.
Kia Motors Corp. is South Korea's second-largest carmaker, and is an affiliate of the giant Hyundai Motor Co. Sphere: Related Content
Kodak Nearing $80 Million Sale Leaseback of HQ Office in Israel
Globes Online - March 23, 2008
Sources inform "Globes" that Harel Insurance Investments and Financial Services Ltd. (TASE: HARL) is in negotiations to buy the 25,000-square meter Kodak Israel building in Kiryat Arie, Petah Tikva, for $80 million in a sell and lease-back deal.
The building was built for Kodak Israel Ltd. by SGS Construction Company Ltd., Electra Real Estate Ltd. (TASE:ELCRE), and Prashkovsky Investments and Construction Ltd. (TASE:PRSK). The building was opened ten months ago. Sphere: Related Content
Sources inform "Globes" that Harel Insurance Investments and Financial Services Ltd. (TASE: HARL) is in negotiations to buy the 25,000-square meter Kodak Israel building in Kiryat Arie, Petah Tikva, for $80 million in a sell and lease-back deal.
The building was built for Kodak Israel Ltd. by SGS Construction Company Ltd., Electra Real Estate Ltd. (TASE:ELCRE), and Prashkovsky Investments and Construction Ltd. (TASE:PRSK). The building was opened ten months ago. Sphere: Related Content
Saturday, March 22, 2008
Quest Communications Seeking $200 Million Sale Leaseback of Seattle Office Tower
Seattle Times - March 20, 2008
Qwest Communications International plans to sell and lease back its Bell Plaza office building in downtown Seattle as it consolidates operations.
"We have about 1,600 employees in the building right now, and most of those would remain," Qwest spokesman Bob Toevs said Wednesday. "We would probably see a couple of hundred employees move to other facilities in downtown Seattle."
The 33-story Bell Plaza is on the southeast corner of Seventh Avenue and Olive Way. It has 531,771 net square feet, King County property records show. Toevs declined to give an asking price for the building.
The median sale price for office buildings in downtown Seattle last year was $390 a square foot, according to real-estate broker Cushman & Wakefield. That would value the Qwest building at about $207 million. Sphere: Related Content
Qwest Communications International plans to sell and lease back its Bell Plaza office building in downtown Seattle as it consolidates operations.
"We have about 1,600 employees in the building right now, and most of those would remain," Qwest spokesman Bob Toevs said Wednesday. "We would probably see a couple of hundred employees move to other facilities in downtown Seattle."
The 33-story Bell Plaza is on the southeast corner of Seventh Avenue and Olive Way. It has 531,771 net square feet, King County property records show. Toevs declined to give an asking price for the building.
The median sale price for office buildings in downtown Seattle last year was $390 a square foot, according to real-estate broker Cushman & Wakefield. That would value the Qwest building at about $207 million. Sphere: Related Content
Friday, March 21, 2008
Couche-Tard Enters $131 Million Sale Leaseback of 83 Convenience Stores
CNW Telbec - March 19, 2008
On December 21, 2007, through our subsidiaries Circle K Stores Inc. and Mac's Convenience Stores LLC., Couche-Tard entered into a sale and leaseback transaction with Cole Credit Property Trust II, Inc. relating to 83 properties for a total selling price of $131.4 million. The proceeds were used namely to reduce its term revolving unsecured operating credit. The properties sold are located in several states and are subject to lease agreements with an initial average term of 20 years. Sphere: Related Content
On December 21, 2007, through our subsidiaries Circle K Stores Inc. and Mac's Convenience Stores LLC., Couche-Tard entered into a sale and leaseback transaction with Cole Credit Property Trust II, Inc. relating to 83 properties for a total selling price of $131.4 million. The proceeds were used namely to reduce its term revolving unsecured operating credit. The properties sold are located in several states and are subject to lease agreements with an initial average term of 20 years. Sphere: Related Content
Saturday, March 15, 2008
Shinsei Bank Completes $1.18 Billion Sale Leaseback of Tokyo HQ
Japan Economy News & Blog - March 13, 2008
Apparently burdened by heavy subprime-related losses, Shinsei Bank has announced the sale of its Tokyo head offices to a real estate fund connected with Morgan Stanley. About a month ago, Morgan paid about $440 million to acquire Citibank’s Tokyo headquarters in Shinagawa. Shinsei’s headquarters, located across from Hibiya Park, went for about $1.18 billion.
Shinsei appears to be in a bit of trouble, with a steadily eroding share price - down about 34% since the end of January - and about $2 billion still owed to the Japanese government, thanks to a bailout about a decade ago, when the bank was known as Long Term Credit Bank.
Shinsei apparently intends to remain in the building for now (and hopefully they keep that Starbucks on the ground floor), but will be looking to move to a new location in about three years.
Earlier this week, it was announced that Resona Bank would also be putting their Tokyo headquarters up for sale, at a price in the $1.75 billion range. Resona is also burdened with repayment obligations to the government, and also intends to move office within the next few years. Resona’s share price has fallen about 16% since the beginning of 2008. Sphere: Related Content
Apparently burdened by heavy subprime-related losses, Shinsei Bank has announced the sale of its Tokyo head offices to a real estate fund connected with Morgan Stanley. About a month ago, Morgan paid about $440 million to acquire Citibank’s Tokyo headquarters in Shinagawa. Shinsei’s headquarters, located across from Hibiya Park, went for about $1.18 billion.
Shinsei appears to be in a bit of trouble, with a steadily eroding share price - down about 34% since the end of January - and about $2 billion still owed to the Japanese government, thanks to a bailout about a decade ago, when the bank was known as Long Term Credit Bank.
Shinsei apparently intends to remain in the building for now (and hopefully they keep that Starbucks on the ground floor), but will be looking to move to a new location in about three years.
Earlier this week, it was announced that Resona Bank would also be putting their Tokyo headquarters up for sale, at a price in the $1.75 billion range. Resona is also burdened with repayment obligations to the government, and also intends to move office within the next few years. Resona’s share price has fallen about 16% since the beginning of 2008. Sphere: Related Content
Wednesday, March 12, 2008
Marks & Spencer Enters $403 Million Sale Leaseback of Property Portfolio
Global Pensions - March 10, 2008
Marks & Spencer has said it would put £200m (US$403m) into its defined benefit pension scheme over the next three years by increasing the amount of property, the fund had in its portfolio.
Marks & Spencer said it would place additional M&S properties into the fund with a current market value of approximately £400m. The decision was part of the funding plan agreed with the pension trustees to address the scheme’s deficit.
The properties would be leased back to Marks & Spencer and the fixed annual distribution profits to the pension fund would be increased from £50m to approximately £72m for the remaining 14 year period.
The arrangements enabled Marks & Spencer to fund the £200m contribution at an effective financing rate of approximately 6.1%.
The fund would also hold the enhanced partnership interest as part of its total investment portfolio. This would be worth around £700m and represent the net present value of the future distributions. Sphere: Related Content
Marks & Spencer has said it would put £200m (US$403m) into its defined benefit pension scheme over the next three years by increasing the amount of property, the fund had in its portfolio.
Marks & Spencer said it would place additional M&S properties into the fund with a current market value of approximately £400m. The decision was part of the funding plan agreed with the pension trustees to address the scheme’s deficit.
The properties would be leased back to Marks & Spencer and the fixed annual distribution profits to the pension fund would be increased from £50m to approximately £72m for the remaining 14 year period.
The arrangements enabled Marks & Spencer to fund the £200m contribution at an effective financing rate of approximately 6.1%.
The fund would also hold the enhanced partnership interest as part of its total investment portfolio. This would be worth around £700m and represent the net present value of the future distributions. Sphere: Related Content
Kopeyka Seeking $350 Million Sale Leaseback of Store Portfolio in Russia
Kamcity.com / NAMNEWS - March 10, 2008
Discount grocery Kopeyka is reportedly in talks with several investment funds to sell and leaseback some of its stores, according to a report in local paper RBC Daily, which cited a source at UralSib Financial Corporation, the biggest shareholder in Kopeyka. Kopeyka operated 438 stores, covering 224,000 sq m, as of early 2008.
The report said Kopeyka plans to sell retail space of around 100,000 sq m, in a deal that may be concluded very soon. It added that Troika Dialog's real estate investment fund is one of the potential buyers, which was confirmed by the fund, although it noted that no agreement has been reached.
The paper said the stores Kopeyka plans to sell are estimated at $350m-$450m. It has had to take the decision to generate funds, as the stock market crisis has made it difficult for Kopeyka to offer bonds as it had originally planned. The paper added that the deal could allow Kopeyka to finance its investment programme for 2008, under which it plans to open 130 stores. Sphere: Related Content
Discount grocery Kopeyka is reportedly in talks with several investment funds to sell and leaseback some of its stores, according to a report in local paper RBC Daily, which cited a source at UralSib Financial Corporation, the biggest shareholder in Kopeyka. Kopeyka operated 438 stores, covering 224,000 sq m, as of early 2008.
The report said Kopeyka plans to sell retail space of around 100,000 sq m, in a deal that may be concluded very soon. It added that Troika Dialog's real estate investment fund is one of the potential buyers, which was confirmed by the fund, although it noted that no agreement has been reached.
The paper said the stores Kopeyka plans to sell are estimated at $350m-$450m. It has had to take the decision to generate funds, as the stock market crisis has made it difficult for Kopeyka to offer bonds as it had originally planned. The paper added that the deal could allow Kopeyka to finance its investment programme for 2008, under which it plans to open 130 stores. Sphere: Related Content
Tuesday, March 04, 2008
Kuehne + Nagel Agrees to €220 Million Sale leaseback of 22 Warehouses Across Europe
Kuehne + Nagel Web Site - March 4, 2008
Goodman’s European Logistics Fund (‘GELF’) and Kuehne + Nagel, a leading global logistics provider have entered into a sale and lease-back agreement for 22 warehouse locations. The total transaction value amounts to approximately € 220 million with an average lease-back period of five years. The mutually beneficial agreement allows GELF to enlarge its portfolio with assets at locations that are complementary to its existing stock, while Kuehne + Nagel is able to streamline its freehold portfolio in line with its global corporate real estate strategy.
Together with the 22 properties, GELF has also acquired 18.8 ha of undeveloped land reserves. The combined portfolio is spread over five European countries with ten assets in Germany, nine in France, and one in Spain, Belgium and Austria, respectively. The assets cover approximately 430,000 sqm of warehouse space.
Peter Davies, Director Logistics Funds for Goodman in Europe said: "This transaction provides us with a large number of assets in good locations such as the greater Berlin area as well as the Lyon, Ile de France and Madrid hubs. In addition, the excess land and some of the older properties will provide the Fund with enhanced returns as they are developed or refurbished. The completion of this acquisition means that the Fund's size since its launch in December 2006 has more than quadrupled."
CBRE acted as the advisor for this transaction, which is subject to various conditions precedent. The transaction is expected to be closed in the second quarter of 2008.
With more than 51,000 employees at over 830 locations in 100 countries, the Kuehne + Nagel Group is one of the world’s leading logistics companies. Sphere: Related Content
Goodman’s European Logistics Fund (‘GELF’) and Kuehne + Nagel, a leading global logistics provider have entered into a sale and lease-back agreement for 22 warehouse locations. The total transaction value amounts to approximately € 220 million with an average lease-back period of five years. The mutually beneficial agreement allows GELF to enlarge its portfolio with assets at locations that are complementary to its existing stock, while Kuehne + Nagel is able to streamline its freehold portfolio in line with its global corporate real estate strategy.
Together with the 22 properties, GELF has also acquired 18.8 ha of undeveloped land reserves. The combined portfolio is spread over five European countries with ten assets in Germany, nine in France, and one in Spain, Belgium and Austria, respectively. The assets cover approximately 430,000 sqm of warehouse space.
Peter Davies, Director Logistics Funds for Goodman in Europe said: "This transaction provides us with a large number of assets in good locations such as the greater Berlin area as well as the Lyon, Ile de France and Madrid hubs. In addition, the excess land and some of the older properties will provide the Fund with enhanced returns as they are developed or refurbished. The completion of this acquisition means that the Fund's size since its launch in December 2006 has more than quadrupled."
CBRE acted as the advisor for this transaction, which is subject to various conditions precedent. The transaction is expected to be closed in the second quarter of 2008.
With more than 51,000 employees at over 830 locations in 100 countries, the Kuehne + Nagel Group is one of the world’s leading logistics companies. Sphere: Related Content
Monday, March 03, 2008
UK Courts in £145 Million Build-to-Suit for Justice Center in Manchester
The Press Association - February 27, 2008
The Queen will visit the largest civil and family court to be built for more than 100 years in England and Wales.
Her visit will include the unveiling of a plaque at the official opening of the Manchester Civil Justice Centre, a new £145 million building in the city centre. The Queen will be accompanied by Lord Chancellor and Secretary of State for Justice, Jack Straw and Lord Chief Justice, Lord Phillips of Worth Matravers.
The new courts building is a state of the art 14-storey landmark at the heart of Manchester's business area. The initial building costs of £110 million was paid by the developers, Allied London. It is then leased back to the government who effectively rent the building on a 35-year lease.
How much taxpayers money is spent renting the new building has not been disclosed as Her Majesty's Court Service say this is "commercially confidential." A spokesman said the rent was "competitive."
The Mondrian-style building was designed by Australian architects Denton Corker Marshall following an international design competition. Sphere: Related Content
The Queen will visit the largest civil and family court to be built for more than 100 years in England and Wales.
Her visit will include the unveiling of a plaque at the official opening of the Manchester Civil Justice Centre, a new £145 million building in the city centre. The Queen will be accompanied by Lord Chancellor and Secretary of State for Justice, Jack Straw and Lord Chief Justice, Lord Phillips of Worth Matravers.
The new courts building is a state of the art 14-storey landmark at the heart of Manchester's business area. The initial building costs of £110 million was paid by the developers, Allied London. It is then leased back to the government who effectively rent the building on a 35-year lease.
How much taxpayers money is spent renting the new building has not been disclosed as Her Majesty's Court Service say this is "commercially confidential." A spokesman said the rent was "competitive."
The Mondrian-style building was designed by Australian architects Denton Corker Marshall following an international design competition. Sphere: Related Content
Regent Inns Seeking £25 Million in Sale Leaseback of Seven UK Bars
CatererSearch - March 3, 2008
Regents Inns has put seven of its Walkabout bars up for sale as part of a £25m sale and leaseback scheme. The seven bars are located in Barnsley, Blackpool, Derby, Exeter, Newquay, Shepherds Bush and Wigan.
Regent currently operates 50 Walkabout bars in its total estate of 98 sites which also includes the Jongleurs and Old Orleans brands. Bob Ivell, chairman of Regents Inns, said: “The sale and leaseback, together with our ongoing disposal of non core assets will deliver a more robust trading platform for the business going forward.”
Ivell added that all the sites were available with a 30 year lease structure which would provide sustainable rent levels while allowing room for reinvestment and development of the sites.
The operator is currently looking at ways to reduce its costs after it admitted to disappointing sales at the end of 2007 that had led to it entering early stage talks over the potential sale of the company. A sale and leaseback programme was one of the cost saving measures muted last month. Sphere: Related Content
Regents Inns has put seven of its Walkabout bars up for sale as part of a £25m sale and leaseback scheme. The seven bars are located in Barnsley, Blackpool, Derby, Exeter, Newquay, Shepherds Bush and Wigan.
Regent currently operates 50 Walkabout bars in its total estate of 98 sites which also includes the Jongleurs and Old Orleans brands. Bob Ivell, chairman of Regents Inns, said: “The sale and leaseback, together with our ongoing disposal of non core assets will deliver a more robust trading platform for the business going forward.”
Ivell added that all the sites were available with a 30 year lease structure which would provide sustainable rent levels while allowing room for reinvestment and development of the sites.
The operator is currently looking at ways to reduce its costs after it admitted to disappointing sales at the end of 2007 that had led to it entering early stage talks over the potential sale of the company. A sale and leaseback programme was one of the cost saving measures muted last month. Sphere: Related Content
Sunday, March 02, 2008
Mervyn's Completes $400 Million Sale Leaseback of 39 Mervyn's Stores
CoStar Group - February 29, 2008
Shopping Mall REIT, Macerich (NYSE: MAC), is nearing completion on the acquisition of 43 Mervyn's department stores, totaling 3.4 million square feet, for $430 million. The transaction consummated at the end of 2007 and Macerich has already closed on 39 of the 43 stores for $400.2 million, the remainder will close this quarter. Leaseback terms include a 20-year initial term with extension options.
In its fourth quarter conference call, Arthur Coppola, president and CEO, said the portfolio sale-leaseback deal was one of the company's "most unique and diverse" deals. Coppola explained the company's decision to seize the opportunity; "Thirteen of these Mervyn's stores are located in Macerich malls. We immediately went to Mervyn's and the broker and attempted to buy those 13 stores because we certainly did not want to have a traditional buyer all of a sudden become the owner of the Mervyn's stores in our regional Centers. In many cases, large tracts of land were connected to the Mervyn's stores. As we got deeper into the transaction, we got more intrigued with it, because we realized that we will be able to buy both our stores as well as these others stores at a very attractive return. But, more importantly, we are able to open up redevelopment opportunities at all of our existing properties [giving] Mervyn's a restricted parking area surrounding their store...they essentially have given us Carte Blanche to do anything that we want at the center, which is a tremendous amount of redevelopment freedom that we have been able to obtain as a result."
Coppola said returns on the overall portfolio ended up "very attractive," at an average 7.25 percent. "This ranges from some of the centers internally on our books, in our minds being valued at 5% to 6% cap rates, to some of the strip center locations being valued at 9% and 10% returns," he said. In total, 30 of the stores are located in regional malls, while the balance are freestanding or part of community centers.
Aside those planned for redevelopment, Macerich expects to have disposed of most of the stores within the next 18 to 24 months.
Mervyn's operates 178 stores in eight southwest states. The retailer was bought from Target Corporation by private investors including Sun Capital and Cerberus Capital Management in 2004. It has since closed approximately 80 stores. Sphere: Related Content
Shopping Mall REIT, Macerich (NYSE: MAC), is nearing completion on the acquisition of 43 Mervyn's department stores, totaling 3.4 million square feet, for $430 million. The transaction consummated at the end of 2007 and Macerich has already closed on 39 of the 43 stores for $400.2 million, the remainder will close this quarter. Leaseback terms include a 20-year initial term with extension options.
In its fourth quarter conference call, Arthur Coppola, president and CEO, said the portfolio sale-leaseback deal was one of the company's "most unique and diverse" deals. Coppola explained the company's decision to seize the opportunity; "Thirteen of these Mervyn's stores are located in Macerich malls. We immediately went to Mervyn's and the broker and attempted to buy those 13 stores because we certainly did not want to have a traditional buyer all of a sudden become the owner of the Mervyn's stores in our regional Centers. In many cases, large tracts of land were connected to the Mervyn's stores. As we got deeper into the transaction, we got more intrigued with it, because we realized that we will be able to buy both our stores as well as these others stores at a very attractive return. But, more importantly, we are able to open up redevelopment opportunities at all of our existing properties [giving] Mervyn's a restricted parking area surrounding their store...they essentially have given us Carte Blanche to do anything that we want at the center, which is a tremendous amount of redevelopment freedom that we have been able to obtain as a result."
Coppola said returns on the overall portfolio ended up "very attractive," at an average 7.25 percent. "This ranges from some of the centers internally on our books, in our minds being valued at 5% to 6% cap rates, to some of the strip center locations being valued at 9% and 10% returns," he said. In total, 30 of the stores are located in regional malls, while the balance are freestanding or part of community centers.
Aside those planned for redevelopment, Macerich expects to have disposed of most of the stores within the next 18 to 24 months.
Mervyn's operates 178 stores in eight southwest states. The retailer was bought from Target Corporation by private investors including Sun Capital and Cerberus Capital Management in 2004. It has since closed approximately 80 stores. Sphere: Related Content
IHOP Planning $350 Million Sale Leaseback of 190 Applebee's Restaurants
IHOP Web Site - February 27, 2008
IHOP Corp. (NYSE: IHP) today provided financial guidance and highlighted key operational and financial benchmarks that will drive the performance of its IHOP and Applebee's businesses in fiscal 2008.
These benchmarks include the sale-leaseback of approximately 190 company-owned Applebee's restaurant locations as well as its Restaurant Support Center headquartered in Lenexa, Kansas. These actions are expected to generate after-tax cash proceeds of approximately $350 million and approximately $40 million, respectively.
Based in Glendale, California, IHOP Corp. franchises and operates restaurants under the International House of Pancakes, or IHOP, and the Applebee's Neighborhood Grill & Bar brands. With more than 3,300 restaurants combined, IHOP Corp. is the largest full-service restaurant company in the world. Sphere: Related Content
IHOP Corp. (NYSE: IHP) today provided financial guidance and highlighted key operational and financial benchmarks that will drive the performance of its IHOP and Applebee's businesses in fiscal 2008.
These benchmarks include the sale-leaseback of approximately 190 company-owned Applebee's restaurant locations as well as its Restaurant Support Center headquartered in Lenexa, Kansas. These actions are expected to generate after-tax cash proceeds of approximately $350 million and approximately $40 million, respectively.
Based in Glendale, California, IHOP Corp. franchises and operates restaurants under the International House of Pancakes, or IHOP, and the Applebee's Neighborhood Grill & Bar brands. With more than 3,300 restaurants combined, IHOP Corp. is the largest full-service restaurant company in the world. Sphere: Related Content
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