GlobeSt.com - February 16, 2010
Inland Public Properties Development Inc, a subsidiary of Inland American Real Estate Investment Trust Inc., has purchased seven charter schools for $61 million. The sales-leaseback deal includes schools managed by Imagine Schools Inc.
Inland officials say this deal is innovative in the way it involves both the public and private sector.
“This innovative transaction allows Imagine to focus on its critical mission of public student education and development, while we focus on providing the capital for the bricks and mortar,” says Chuck Jones, president and CEO of IPPD. “We think this is the true definition of a public-private partnership, and one that positions IPPD for continued growth in the social infrastructure community.”
The seven charter schools are located in Arizona, Colorado, Florida, Maryland, and Washington, DC. Imagine will lease back the schools for 20 years on a triple-net master lease. The rental rate on the deal was not disclosed.
“This transaction demonstrates our commitment to social infrastructure assets, which are stable, income producing properties supported by state and federal funding programs,” says Lori Foust, CFO of Inland American Business Manager & Advisor Inc. “These charter schools are strong additions to Inland American’s diverse portfolio.”
Imagine has 71 public charter schools educating more than 36,000 children in 11 states and Washington, DC.
Sphere: Related Content