Saturday, October 18, 2008

Meavita Nederland Enters Sale Leaseback of 27 Health Care Properties in the Netherlands

PropertyEU - October 16, 2008

Dutch firm Green Real Estate has acquired 27 properties from healthcare organisation Meavita Nederland in a sale-and-leaseback transaction. The financial details were not disclosed.

Meavita Nederland disposed of the properties as it no longer views real estate ownership as a core activity. The portfolio comprises 14,000 m2 of lettable area and includes consultancy offices and medical centres in the north, centre and east of the Netherlands.

The healthcare division of property broker DTZ Zadelhoff acted for Green Real Estate. Ans de Wijn Bedrijfshuisvesting advised Meavita Nederland. Sphere: Related Content

Wednesday, October 15, 2008

GM Seeking $500 Million Sale Leaseback of Detroit HQ

Commercial Property News - October 14, 2008

Less than six months after it paid off its debt on its Detroit headquarters, struggling automaker General Motors is trying to refinance the Renaissance Center or arrange a sale-leaseback to raise about $500 billion.

GM officials recently appeared before the Detroit Police & Fire Retirement System Pension Fund board in an effort to get the board to agree to a $250 million collateralized revenue bond investment, according to a Detroit Free Press report. If that pension board agrees, GM would seek another $250 million from another city pension fund.

But GM may have trouble getting the first pension board to invest. Several pension board trustees told news groups that they considered it too big of a risk.

GM moved into the Renaissance Center, a seven-building complex in downtown Detroit in 1996. The automaker bought the complex for $75 million, and then borrowed $500 million against it for remodeling, according to a Detroit News story by Robert Snell. As reported May 9 by CPN, GM paid $626 million to take full control of the building.

John Blanchard, GM’s executive director of worldwide real estate, could not be reached by press time, but has stated this week that if the deal with the pension funds could not worked out, the auto giant would consider selling the Renaissance Center and leasing back space. He said the company is committed to staying in Detroit. The proposed refinancing comes as GM is trying to raise $15 billion to provide cash flow through 2010, according to published reports. Sphere: Related Content

Wikinvest Wire