PropertyEU - November 23, 2010
Madrid-based investment firm Drago Capital and an affiliate of Cerberus Capital Management have acquired a real estate portfolio consisting of 97 bank branches from Caja Madrid. The sale-and-leaseback transaction amounts to EUR 96 mln, representing an EUR 80 mln capital gain for the Spanish lender.
Caja Madrid, Spain's fourth largest bank, said the sale will boost its finances while helping decrease its loan to value, one of its strategic objectives. The bank has agreed to take a 25-year lease on the properties. The financing for the transaction is being provided by Banco Santander, La Caixa and Natixis.
'Reaching a mutually beneficial agreement for the acquisition of this high-quality real estate portfolio is a gratifying achievement. In addition, we are pleased to have Cerberus, one of the world's leading private investment firms, as a partner in this transaction, and we hope to partner with them on additional investments in Spain in the future," a Drago spokesperson said.
Cushman & Wakefield was responsible for the valuation of the branches. Gómez-Acebo & Pombo and Ashurst served as legal advisers to Drago and Cerberus. Linklaters advised the financing banks.
In May 2010, Caja Madrid sold a technology complex at Las Rozas in Madrid to SEB ImmoPortfolio Target Return Fund for EUR 108 mln.
Sphere: Related Content
Sunday, November 28, 2010
Monday, November 22, 2010
Sonae Completes EUR 71 Million Sale Leaseback of Six Stores in Portugal
Sonae Website - November 18, 2010
Sonae informs that, since the last announcement made on 20 May, Sonae RP has concluded further sale & leaseback transactions for a total consideration of 71 million euros generating an aggregate book gain of 29 million euros. The blended average initial yield on these transactions was 6.8% on a ‘Triple Net’ (1) basis.
The third quarter accounts of Sonae reflect a book gain of 3 million euros, resulting from the sale and leaseback of 2 Modelo stores, for a total consideration of 18 million euros, and the promissory agreement to complete the sale and leaseback of a further Modelo store by end March 2011, with a prepayment of 2 million euros.
The fourth quarter accounts of Sonae will reflect the sale and leaseback of 2 Modelo stores and 3 stores within Leiria Shopping (Continente, SportZone and Worten), for a total consideration of 44 million euros, and assuming the completion of the above mentioned promissory agreement of a Modelo store, a consideration of an additional 7 million euros.
These transactions will generate an estimated book gain amounting to 26 million euros. These transactions are consistent with the announced strategy to release capital from Sonae RP’s retail real estate assets, while maintaing adequated operational flexibility. Sphere: Related Content
Sonae informs that, since the last announcement made on 20 May, Sonae RP has concluded further sale & leaseback transactions for a total consideration of 71 million euros generating an aggregate book gain of 29 million euros. The blended average initial yield on these transactions was 6.8% on a ‘Triple Net’ (1) basis.
The third quarter accounts of Sonae reflect a book gain of 3 million euros, resulting from the sale and leaseback of 2 Modelo stores, for a total consideration of 18 million euros, and the promissory agreement to complete the sale and leaseback of a further Modelo store by end March 2011, with a prepayment of 2 million euros.
The fourth quarter accounts of Sonae will reflect the sale and leaseback of 2 Modelo stores and 3 stores within Leiria Shopping (Continente, SportZone and Worten), for a total consideration of 44 million euros, and assuming the completion of the above mentioned promissory agreement of a Modelo store, a consideration of an additional 7 million euros.
These transactions will generate an estimated book gain amounting to 26 million euros. These transactions are consistent with the announced strategy to release capital from Sonae RP’s retail real estate assets, while maintaing adequated operational flexibility. Sphere: Related Content
Friday, November 12, 2010
A&P Agrees to $89.8 Million Sale Leaseback of Six Grocery Stores in Four States
The Great Atlantic and Pacific Tea Company Website - November 9, 2010
The Great Atlantic & Pacific Tea Company, Inc. (A&P), (NYSE: GAP) today announced that on November 4, 2010 the Company entered into an agreement with Winstanley Enterprises, LLC and certain of its affiliated entities (Winstanley) to sell six of its retail locations for $89.8 million, exclusive of closing costs.
Winstanley agreed to purchase 100% of the Company's interest in six Pathmark retail properties comprising approximately 329,000 square feet, located in New York, New Jersey, Pennsylvania and Delaware. The properties are 95% occupied and leased to A&P.
"This agreement is another step forward in our comprehensive turnaround strategy. We continue to analyze areas across the business to identify ways such as these to further strengthen our financial foundation and improve our performance," said Sam Martin, President and CEO, A&P.
The sale-leaseback transaction with respect to five of the six properties was closed today, and the transaction with respect to the sixth property is expected to close later this week. Sphere: Related Content
The Great Atlantic & Pacific Tea Company, Inc. (A&P), (NYSE: GAP) today announced that on November 4, 2010 the Company entered into an agreement with Winstanley Enterprises, LLC and certain of its affiliated entities (Winstanley) to sell six of its retail locations for $89.8 million, exclusive of closing costs.
Winstanley agreed to purchase 100% of the Company's interest in six Pathmark retail properties comprising approximately 329,000 square feet, located in New York, New Jersey, Pennsylvania and Delaware. The properties are 95% occupied and leased to A&P.
"This agreement is another step forward in our comprehensive turnaround strategy. We continue to analyze areas across the business to identify ways such as these to further strengthen our financial foundation and improve our performance," said Sam Martin, President and CEO, A&P.
The sale-leaseback transaction with respect to five of the six properties was closed today, and the transaction with respect to the sixth property is expected to close later this week. Sphere: Related Content
Monday, November 08, 2010
Banca Monte dei Paschi di Siena SpA Agrees to Sale Leaseback of 683 Italian Bank Branches
Bloomberg - November 8, 2010
Banca Monte dei Paschi di Siena SpA, the world’s oldest bank, is selling about 1.5 billion euros ($2.1 billion) of bonds bundling a loan on office properties.
Monte dei Paschi will offer the 20-year securities to its retail clients over the next six weeks, said a spokeswoman at the Siena-based lender, who declined to be identified under company policy. It plans to offer 130 million euros of mezzanine bonds to institutional investors, she said.
The transaction through Casaforte S.r.l. is backed by a commercial mortgage used by investors including Axa Assicurazion to buy 683 properties from Monte dei Paschi, Fitch Ratings said in a Nov. 5 report. The mortgage holder has agreed to pay interest and principal twice a year until 2030, Fitch said.
The notes are backed by a stream of interest and principal from the property loan throughout their life, instead of the standard structure where payment on the property loans is collected in a lump sum at maturity, said Giovanni Pini, a London-based analyst at BNP Paribas SA in London.
“The transaction is indicative of future possible deals,” Pini said. “Refinancing, which is the main issue of existing CMBS transactions, shouldn’t be a problem in this case.”
Just 10 of 48 European commercial mortgages maturing during the first eight months of the year were fully repaid at their due date, according to Standard & Poor’s data. Twenty-seven loans are in default or standstill, and nine have been extended.
The notes will pay a half-yearly coupon of 3 percent until 2012 and a floating rate of 1.05 percent more than the six-month euro interbank offered rate, or euribor, thereafter, according to a statement distributed by the Italian stock exchange. Sphere: Related Content
Banca Monte dei Paschi di Siena SpA, the world’s oldest bank, is selling about 1.5 billion euros ($2.1 billion) of bonds bundling a loan on office properties.
Monte dei Paschi will offer the 20-year securities to its retail clients over the next six weeks, said a spokeswoman at the Siena-based lender, who declined to be identified under company policy. It plans to offer 130 million euros of mezzanine bonds to institutional investors, she said.
The transaction through Casaforte S.r.l. is backed by a commercial mortgage used by investors including Axa Assicurazion to buy 683 properties from Monte dei Paschi, Fitch Ratings said in a Nov. 5 report. The mortgage holder has agreed to pay interest and principal twice a year until 2030, Fitch said.
The notes are backed by a stream of interest and principal from the property loan throughout their life, instead of the standard structure where payment on the property loans is collected in a lump sum at maturity, said Giovanni Pini, a London-based analyst at BNP Paribas SA in London.
“The transaction is indicative of future possible deals,” Pini said. “Refinancing, which is the main issue of existing CMBS transactions, shouldn’t be a problem in this case.”
Just 10 of 48 European commercial mortgages maturing during the first eight months of the year were fully repaid at their due date, according to Standard & Poor’s data. Twenty-seven loans are in default or standstill, and nine have been extended.
The notes will pay a half-yearly coupon of 3 percent until 2012 and a floating rate of 1.05 percent more than the six-month euro interbank offered rate, or euribor, thereafter, according to a statement distributed by the Italian stock exchange. Sphere: Related Content
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