CatererSearch / Caterer & Hotelkeeper - November 25, 2005
Park Plaza Hotels Europe is believed to be negotiating a £350m sale-and-leaseback deal for its UK and European assets. The hotel group is understood to be in discussions to sell its bricks-and-mortar assets to hotel investment company Farnsworth.
A spokesman for Park Plaza didn't deny the speculation, but would not "comment further at this stage". Park Plaza's portfolio currently includes 30 hotels, including two new four-star de luxe properties on London's South Bank, due to open in 2008 and 2010.
Sphere: Related Content
Tuesday, November 29, 2005
Monday, November 28, 2005
Land Securities To Buy DEFRA Headquarters in London for GBP 164.2 Million
Sunday Times - November 28, 2005
Land Securities has announced that it has exchanged contracts for the freehold purchase of Ashdown House, Victoria Street, London SW1 for GBP 164.2 million, representing an initial yield of 5.8%. The 227,000 square foot office and retail property, purchased from Golfrate, holds a prominent position in Victoria and is fully let to the Government (DEFRA HQ) until June 2017. The ground floor retail holds various tenants including Dixons and Boots. Land Securities was advised by Franc Warwick. Sphere: Related Content
Land Securities has announced that it has exchanged contracts for the freehold purchase of Ashdown House, Victoria Street, London SW1 for GBP 164.2 million, representing an initial yield of 5.8%. The 227,000 square foot office and retail property, purchased from Golfrate, holds a prominent position in Victoria and is fully let to the Government (DEFRA HQ) until June 2017. The ground floor retail holds various tenants including Dixons and Boots. Land Securities was advised by Franc Warwick. Sphere: Related Content
Sunday, November 27, 2005
Roal & SunAlliance Seeking £36 Million Sale Leaseback of Headquarters in Liverpool
The Liverpool Daily Post & Echo reports that ROYAL & SunAlliance is asking £36 million for its New Hall Place headquarters in Liverpool. The insurer intends to lease back about 290,000 square feet of the 390,000 square foot 1970s modernist building.
Sphere: Related Content
Quintain Estates Agrees to Sale Leaseback of London Headquarters
Estates Gazette Interactive has reported that Quintain Estate's headquarters at 16 Grosvenor Street, W1, has been sold through Savills for £14.6 million. The property aas leased back to Quintain for 15 years with a break after year 10. Private clients of Cushman & Wakefield Healey & Baker acquired the 15,700 square foot building at a 4.5% yield. Quintain bought the long leasehold interest last year for £8m and carried out a major refurbishment.
Sphere: Related Content
German Retailer Nearing 500 Million Euro Sale Leaseback of Property Portfolio
Forbes / AFX / Handelsblatt - November 23, 2005
Metro AG is expected to sell the real estate assets of do-it-yourself unit Praktiker AG for around 500 mln eur, Handelsblatt said. It said Metro will select the successful buyer in the next three weeks. Metro has already shortened the list of bidders, with only Deutsche Bank AG and the London-based financial investor Dawnay Day as the last two interested companies remaining. The two have submit bids of between 500 mln eur and 520 mln.
Praktiker is Europe's fourth-biggest do-it-yourself retailer behind the U.K.'s Kingfisher Plc, France's Leroy Merlin and Germany's OBI, owned by retailer Tengelmann Group. On November 22 Metro AG raised 500 million euros ($587 million) when it sold nearly 60% of the firm in the first IPO of a German retailer in more than four years. Sphere: Related Content
Metro AG is expected to sell the real estate assets of do-it-yourself unit Praktiker AG for around 500 mln eur, Handelsblatt said. It said Metro will select the successful buyer in the next three weeks. Metro has already shortened the list of bidders, with only Deutsche Bank AG and the London-based financial investor Dawnay Day as the last two interested companies remaining. The two have submit bids of between 500 mln eur and 520 mln.
Praktiker is Europe's fourth-biggest do-it-yourself retailer behind the U.K.'s Kingfisher Plc, France's Leroy Merlin and Germany's OBI, owned by retailer Tengelmann Group. On November 22 Metro AG raised 500 million euros ($587 million) when it sold nearly 60% of the firm in the first IPO of a German retailer in more than four years. Sphere: Related Content
Vendex KBB Enters One Billion Euro Sale Leaseback of 73 Stores
Cinven Web Site - November 25, 2005
Vendex KBB is pleased to announce the sale of its property portfolio to a consortium arranged by IEF Capital N.V., a joint venture between IEF Nederland B.V. and Bouwfonds Asset Management B.V., a 100% subsidiary of ABN AMRO Bouwfonds N.V. IEF Capital Delta NV and PGGM are major participants in the consortium. PGGM, one of the largest Dutch pension funds, is also a co-financier through inflation-linked products. The asset management of the real estate portfolio will be performed by Bouwfonds Asset Management, which is involved in financing the transaction as well.
With this transaction, Vendex KBB is entering into a long term sale-and-lease-back agreement for 73 stores and other properties occupied by HEMA, V&D and Bijenkorf, which will provide these formats with long term stability and operational flexibility to continue to perform successfully in the Dutch retail market. For Vendex KBB this is a significant milestone in the implementation of its strategy to focus on its core retail activities.
Vendex KBB was advised by Lazard and CB Richard Ellis.
(The Financial Times reported that the 6 million square foot portfolio is located entirely within the Netherlands and consists of Vendex's department stores. The portfolio was reportedly leased back to Vendex KBB under 20-year leases. Vendex was taken private by Kohlberg Kravis Roberts which has since sold stakes to Permira and Cinven, private equiity firms. A Dutch group, Alpinvest, owns a small stake.) Sphere: Related Content
Vendex KBB is pleased to announce the sale of its property portfolio to a consortium arranged by IEF Capital N.V., a joint venture between IEF Nederland B.V. and Bouwfonds Asset Management B.V., a 100% subsidiary of ABN AMRO Bouwfonds N.V. IEF Capital Delta NV and PGGM are major participants in the consortium. PGGM, one of the largest Dutch pension funds, is also a co-financier through inflation-linked products. The asset management of the real estate portfolio will be performed by Bouwfonds Asset Management, which is involved in financing the transaction as well.
With this transaction, Vendex KBB is entering into a long term sale-and-lease-back agreement for 73 stores and other properties occupied by HEMA, V&D and Bijenkorf, which will provide these formats with long term stability and operational flexibility to continue to perform successfully in the Dutch retail market. For Vendex KBB this is a significant milestone in the implementation of its strategy to focus on its core retail activities.
Vendex KBB was advised by Lazard and CB Richard Ellis.
(The Financial Times reported that the 6 million square foot portfolio is located entirely within the Netherlands and consists of Vendex's department stores. The portfolio was reportedly leased back to Vendex KBB under 20-year leases. Vendex was taken private by Kohlberg Kravis Roberts which has since sold stakes to Permira and Cinven, private equiity firms. A Dutch group, Alpinvest, owns a small stake.) Sphere: Related Content
Little Chef Completes Sale Leaseback of 65 Restaurants
CatererSearch.com - November 21, 2005
The People's Restaurant Group Ltd took ownership of Little Chef Restaurants and the Little Chef brand on 20th October 2005. The company purchased the restaurant chain from Travelodge Hotels Ltd, a company backed by Permira Investment Fund Managers. Little Chef will continue to trade under its brand name and as Britain's largest roadside restaurant chain.
Little Chef has appointed the team behind BP's Wild Bean cafe to roll out its new "Bean Here" grab-and-go offer. The GBP 5 million roll-out, which will create 1,000 jobs, will start at the rate of four per week in January 2006. It is being funded by the sale-and-leaseback of 65 Little Chef sites.
Wosskow and co-owner Simon Heath also plan to spend GBP 1 million on changing roadside signage and adding a minimum of three new signs per unit across the 250-strong estate. Sphere: Related Content
The People's Restaurant Group Ltd took ownership of Little Chef Restaurants and the Little Chef brand on 20th October 2005. The company purchased the restaurant chain from Travelodge Hotels Ltd, a company backed by Permira Investment Fund Managers. Little Chef will continue to trade under its brand name and as Britain's largest roadside restaurant chain.
Little Chef has appointed the team behind BP's Wild Bean cafe to roll out its new "Bean Here" grab-and-go offer. The GBP 5 million roll-out, which will create 1,000 jobs, will start at the rate of four per week in January 2006. It is being funded by the sale-and-leaseback of 65 Little Chef sites.
Wosskow and co-owner Simon Heath also plan to spend GBP 1 million on changing roadside signage and adding a minimum of three new signs per unit across the 250-strong estate. Sphere: Related Content
APN European Retail Trust Pays $251 Million Euro for 23 Net Leased Assets
The Australian - November 16, 2005
APN European Retail Trust has announced that it will add 23 assets to its portfolio, lifting its total asset value to nearly $500 million. The total value of the 23 assets is $251.4 million.
'It is the only (Australian) stock which offers exposure to European retail properties. The new assets have long-term and quality lease covenants,' he said. The assets - 16 in Greece and seven in Germany - were purchased from two unidentified vendors, at yields of 6.9 per cent and 7.8 per cent, respectively, after acquisition costs. Mr Boothman said the properties in Greece were leased to one of the world's largest supermarket chains, Carrefour, from France, with an average lease expiry of 17 years. The German properties were leased to Roller, a warehouse-style furniture retailer, and carried an average lease of 10.2 years. The acquisitions are to be settled next month. Mr Boothman said the total transaction cost to be funded by debt and equity would be $276 million.
APN will raise about $131.2 million to fund the latest acquisitions through a non-renounceable entitlement offer of nine fully paid units for 13 partly paid units, at an issue price of $1.04 per fully paid unit. The balance will come from debt facilities. The trust would have a gearing of 54-55 per cent.
The vehicle, listed in July, already has six assets - four shopping centres in Spain and two in Italy. Mr Boothman said the trust would continue to look for acquisitions across Europe, which remained under-supplied in terms of shopping centres. APN said partly paid units in the trust had had a strong start since its initial public offering in July. The units are showing around 13 per cent capital growth, on top of the IPO forecast annualised income entitlement of 9 percent. Sphere: Related Content
APN European Retail Trust has announced that it will add 23 assets to its portfolio, lifting its total asset value to nearly $500 million. The total value of the 23 assets is $251.4 million.
'It is the only (Australian) stock which offers exposure to European retail properties. The new assets have long-term and quality lease covenants,' he said. The assets - 16 in Greece and seven in Germany - were purchased from two unidentified vendors, at yields of 6.9 per cent and 7.8 per cent, respectively, after acquisition costs. Mr Boothman said the properties in Greece were leased to one of the world's largest supermarket chains, Carrefour, from France, with an average lease expiry of 17 years. The German properties were leased to Roller, a warehouse-style furniture retailer, and carried an average lease of 10.2 years. The acquisitions are to be settled next month. Mr Boothman said the total transaction cost to be funded by debt and equity would be $276 million.
APN will raise about $131.2 million to fund the latest acquisitions through a non-renounceable entitlement offer of nine fully paid units for 13 partly paid units, at an issue price of $1.04 per fully paid unit. The balance will come from debt facilities. The trust would have a gearing of 54-55 per cent.
The vehicle, listed in July, already has six assets - four shopping centres in Spain and two in Italy. Mr Boothman said the trust would continue to look for acquisitions across Europe, which remained under-supplied in terms of shopping centres. APN said partly paid units in the trust had had a strong start since its initial public offering in July. The units are showing around 13 per cent capital growth, on top of the IPO forecast annualised income entitlement of 9 percent. Sphere: Related Content
Saturday, November 26, 2005
IPD Study Shows Substantial Yield Differences Across Europe
IPD Web Site - November 22, 2005
A study by IPD shows Substantial variations in the pricing of investment property remained across Europe at the end of 2004 despite a benign environment of low inflation and low interest rates. The research, sponsored by Arlington, DTZ and MEAG shows results for twelve European countries across the four main sectors: office, retail, industrial and residential. Sphere: Related Content
A study by IPD shows Substantial variations in the pricing of investment property remained across Europe at the end of 2004 despite a benign environment of low inflation and low interest rates. The research, sponsored by Arlington, DTZ and MEAG shows results for twelve European countries across the four main sectors: office, retail, industrial and residential. Sphere: Related Content
Homburg Invest to Buy Four Net Leased Properties for $163 Million
Homburg Invest Web Site - November 24, 2005
Homburg Invest has announced the planned purchase of four large commercial properties in The Netherlands in the first quarter of 2006, subject to the finalization of its due diligence. The original agreement in principle on all of this portfolio was first announced on June 23, 2005 and closing on this transaction was expected to take place o n November 15, 2005.
The four commercial properties include the KPN Telecom Head Office in Groningen, the Phillips Lighting Headquarters and Research facilities in Eindhoven and two David Lloyd facilities in Rotterdam. All four properties are leased by world class, triple A public companies on a long -term lease basis. The aggregate cost to Homburg Invest for these properties will amount to approximately CAD $196 million (EUR €140 million or $163 million) and will be financed by assumption of existing debt of CAD $147 million (EUR €105 million), and shares of Homburg Invest (subject to TSX approval) and cash totalling CAD $49 million (EUR €35 million). Sphere: Related Content
Homburg Invest has announced the planned purchase of four large commercial properties in The Netherlands in the first quarter of 2006, subject to the finalization of its due diligence. The original agreement in principle on all of this portfolio was first announced on June 23, 2005 and closing on this transaction was expected to take place o n November 15, 2005.
The four commercial properties include the KPN Telecom Head Office in Groningen, the Phillips Lighting Headquarters and Research facilities in Eindhoven and two David Lloyd facilities in Rotterdam. All four properties are leased by world class, triple A public companies on a long -term lease basis. The aggregate cost to Homburg Invest for these properties will amount to approximately CAD $196 million (EUR €140 million or $163 million) and will be financed by assumption of existing debt of CAD $147 million (EUR €105 million), and shares of Homburg Invest (subject to TSX approval) and cash totalling CAD $49 million (EUR €35 million). Sphere: Related Content
Wednesday, November 23, 2005
Barclays Global Investors Agrees to New Headquarters Building in San Francisco
CoStar Group - November 21, 2005
Equity Office Properties Trust (NYSE:EOP) plans to begin construction next March on its 10-story, 335,000-square-foot Foundry Square I office building in downtown San Francisco after signing Barclays Global Investors to a 321,545-square-foot, long-term lease. CBRE represented Barclays in the deal.
The new building, which will be located at 400 Howard Street in the South of Market St. submarket, will serve as the investment advisor’s new headquarters when it is completed in December 2007. Barclays has been based in San Francisco since 1971 and has more than 1,000 employees in the area. Its headquarters is currently located in 45 Fremont Street, a 34-story, 580,000-square-foot office tower owned by Shorenstein and MetLife. The new building will be the third of four 10-story office buildings planned for site fronting the busy intersection of 1st and Howard streets in downtown San Francisco.
Billed as one of the world’s largest asset managers, Barclays Global Investors had more than $1.4 trillion in assets under management as of June 30, 2005, for more than 2,700 clients in 48 countries. The firm is owned by Barclays PLC. Sphere: Related Content
Equity Office Properties Trust (NYSE:EOP) plans to begin construction next March on its 10-story, 335,000-square-foot Foundry Square I office building in downtown San Francisco after signing Barclays Global Investors to a 321,545-square-foot, long-term lease. CBRE represented Barclays in the deal.
The new building, which will be located at 400 Howard Street in the South of Market St. submarket, will serve as the investment advisor’s new headquarters when it is completed in December 2007. Barclays has been based in San Francisco since 1971 and has more than 1,000 employees in the area. Its headquarters is currently located in 45 Fremont Street, a 34-story, 580,000-square-foot office tower owned by Shorenstein and MetLife. The new building will be the third of four 10-story office buildings planned for site fronting the busy intersection of 1st and Howard streets in downtown San Francisco.
Billed as one of the world’s largest asset managers, Barclays Global Investors had more than $1.4 trillion in assets under management as of June 30, 2005, for more than 2,700 clients in 48 countries. The firm is owned by Barclays PLC. Sphere: Related Content
Sunday, November 20, 2005
Germany Considering Large Scale Sale Leasback of Government Property
Berliner Zeiting has reported that Germany's new ruling coalition of conservatives and Social Democrats is considering the sale and leaseback of federal government real estate to finance part of a 25 billion euros investment programme. The paper cited unidentified coalition sources as saying the properties would include those housing ministries, the chancellery, some federal agencies and army barracks. A similar initiative was recently completed in the conservative-ruled state of Hesse, the paper reported.
Sphere: Related Content
Saturday, November 19, 2005
Lexington JV Acquires Accor North America HQ for $32.0 Million
PRNewswire-FirstCall - November 11, 2005
Lexington Corporate Properties Trust (NYSE: LXP) announced that one of its joint venture programs acquired an office facility in Carrollton, Texas for approximately $32.0 million. The facility is a two-story office building containing approximately 138,443 net rentable square feet on a parcel containing approximately 8.2 acres. The facility is leased to Motel 6 Operating, L.P. under the terms of a modified gross lease through July 31, 2015. The obligations of Motel 6 Operating, L.P. under the lease are unconditionally guaranteed by Accor, S.A.
In connection with the acquisition of the facility, Lexington's joint venture program obtained non-recourse first mortgage financing in the original principal amount of approximately $20.8 million. The loan bears interest at a fixed rate of 5.274% and matures on or about July 1, 2015. Sphere: Related Content
Lexington Corporate Properties Trust (NYSE: LXP) announced that one of its joint venture programs acquired an office facility in Carrollton, Texas for approximately $32.0 million. The facility is a two-story office building containing approximately 138,443 net rentable square feet on a parcel containing approximately 8.2 acres. The facility is leased to Motel 6 Operating, L.P. under the terms of a modified gross lease through July 31, 2015. The obligations of Motel 6 Operating, L.P. under the lease are unconditionally guaranteed by Accor, S.A.
In connection with the acquisition of the facility, Lexington's joint venture program obtained non-recourse first mortgage financing in the original principal amount of approximately $20.8 million. The loan bears interest at a fixed rate of 5.274% and matures on or about July 1, 2015. Sphere: Related Content
Boyne USA Agrees to $47 Million Sale Leaseback of Resort Properties
Commercial Property News - November 15, 2005
Boyne USA Inc. and CNL Income Properties Inc. have agreed to a $47.5 million sale-leaseback transaction involving two lifestyle properties, Cypress Mountain ski resort, in British Columbia, and the scenic Gatlinburg Ski Lift, in Gatlinburg, Tenn.
This is the first sale-leaseback the family-run Boyne USA has completed in its 57-year history. Boyne USA is considered the largest operator of four-season resorts in North America.
CNL Income Properties is pursuing diversity in the lifestyle and recreation sector, targeting such properties as golf courses, ski resorts, marinas, campgrounds, merchandise marts, entertainment centers and attractions. Since December 2004, it has acquired an estimated $489 million in lifestyle property, including a recent deal with Great Wolf Resorts worth $114.5 million. Sphere: Related Content
Boyne USA Inc. and CNL Income Properties Inc. have agreed to a $47.5 million sale-leaseback transaction involving two lifestyle properties, Cypress Mountain ski resort, in British Columbia, and the scenic Gatlinburg Ski Lift, in Gatlinburg, Tenn.
This is the first sale-leaseback the family-run Boyne USA has completed in its 57-year history. Boyne USA is considered the largest operator of four-season resorts in North America.
CNL Income Properties is pursuing diversity in the lifestyle and recreation sector, targeting such properties as golf courses, ski resorts, marinas, campgrounds, merchandise marts, entertainment centers and attractions. Since December 2004, it has acquired an estimated $489 million in lifestyle property, including a recent deal with Great Wolf Resorts worth $114.5 million. Sphere: Related Content
Thursday, November 17, 2005
SBC Completes $338 Million Sale Leaseback of Office Campus Near Chicago
Chicago Tribune - November 16, 2005
In what could be the largest suburban office building transaction of the year, a real estate investment trust advised by Inland Real Estate Group has purchased the Hoffman Estates campus of SBC Communications Inc. in a $338 million sale/leaseback deal. As a part of a long-term agreement the telecommunications giant will occupy the top-quality, three-building complex, which was once the headquarters of Ameritech Corp.
Renamed SBC Center after the San Antonio-based company's 1999 acquisition of Ameritech, the 152-acre site is along the Northwest Tollway near Barrington Road. The buildings were constructed between 1991 and 1992. The campus totals 1.69 million square feet, including common areas such as hallways. The price is about $200 a square foot. About 1.3 million square feet of space is contained in a single, four-story structure. Not included in the deal is about 80 acres of vacant land that SBC continues to own.
SBC signed an initial 11-year lease. But with renewal options, the lease could run until 2045, Inland said. In the first year, SBC will pay $22.7 million in rent, Inland said. As a result, Inland's initial return would be 6.7 percent, a low yield that reflects SBC's creditworthiness. The price surpasses the $257 million paid this year by Indianapolis-based Duke Realty Corp. for nearly 1.4 million square feet of office space near O'Hare International Airport.
The SBC transaction is the second big suburban office acquisition that Oak Brook-based Inland has made this year. In July another Inland-managed REIT paid $220 million for the Lincolnshire headquarters of human resources firm Hewitt Associates Inc. Including the SBC transaction, Inland says it has acquired more than $4.4 billion in real estate assets this year, making the firm one of the largest property buyers in the nation, managing a $13 billion portfolio. Sphere: Related Content
In what could be the largest suburban office building transaction of the year, a real estate investment trust advised by Inland Real Estate Group has purchased the Hoffman Estates campus of SBC Communications Inc. in a $338 million sale/leaseback deal. As a part of a long-term agreement the telecommunications giant will occupy the top-quality, three-building complex, which was once the headquarters of Ameritech Corp.
Renamed SBC Center after the San Antonio-based company's 1999 acquisition of Ameritech, the 152-acre site is along the Northwest Tollway near Barrington Road. The buildings were constructed between 1991 and 1992. The campus totals 1.69 million square feet, including common areas such as hallways. The price is about $200 a square foot. About 1.3 million square feet of space is contained in a single, four-story structure. Not included in the deal is about 80 acres of vacant land that SBC continues to own.
SBC signed an initial 11-year lease. But with renewal options, the lease could run until 2045, Inland said. In the first year, SBC will pay $22.7 million in rent, Inland said. As a result, Inland's initial return would be 6.7 percent, a low yield that reflects SBC's creditworthiness. The price surpasses the $257 million paid this year by Indianapolis-based Duke Realty Corp. for nearly 1.4 million square feet of office space near O'Hare International Airport.
The SBC transaction is the second big suburban office acquisition that Oak Brook-based Inland has made this year. In July another Inland-managed REIT paid $220 million for the Lincolnshire headquarters of human resources firm Hewitt Associates Inc. Including the SBC transaction, Inland says it has acquired more than $4.4 billion in real estate assets this year, making the firm one of the largest property buyers in the nation, managing a $13 billion portfolio. Sphere: Related Content
Sunday, November 13, 2005
Club Med Agrees to 100 Million Euro Sale Leaseback of Four Resort Hotels
Times Online - November 11, 2005
Club Mediterrane has agreed to a 100 million euro sale leaseback of four resort hotels with Heron International. The off-market deal was brokered by CB Richard Ellis. The properties are located in the prime holiday destinations of Val Thorens and Tignes Val Claret in the French Alps, Cadiz in southern Spain and Sicily. The hotels incorporate a total of 1,318 rooms with an average occupancy rate of over 90 percent. The sites each have land for further development and each of the properties are on long leases with annual indexation.
Gerald Ronson, chief executive of Heron, said that the properties were a valuable addition to the company's expanding European leisure portfolio. Heron has concentrated on developing giant leisure and entertainment centres in Europe, under the brand Heron City. Sphere: Related Content
Club Mediterrane has agreed to a 100 million euro sale leaseback of four resort hotels with Heron International. The off-market deal was brokered by CB Richard Ellis. The properties are located in the prime holiday destinations of Val Thorens and Tignes Val Claret in the French Alps, Cadiz in southern Spain and Sicily. The hotels incorporate a total of 1,318 rooms with an average occupancy rate of over 90 percent. The sites each have land for further development and each of the properties are on long leases with annual indexation.
Gerald Ronson, chief executive of Heron, said that the properties were a valuable addition to the company's expanding European leisure portfolio. Heron has concentrated on developing giant leisure and entertainment centres in Europe, under the brand Heron City. Sphere: Related Content
Saturday, November 12, 2005
Dresdner Bank Close to 2 Billion Euro Sale Leaseback
Forbes /AFX News Limited - November 9, 2005
US private equity firms Fortress and Carlyle, banking giant Citigroup Inc and three other parties have submitted bids for 300 properties belonging to Allianz AG's banking unit Dresdner Bank AG, Financial Times Deutschland reported, citing sources within the financial industry.
Dresdner Bank has received offers of up to 2 bln eur for about 300 of its offices and bank branches in what would be the largest ever sale-and-leaseback project by a German company, the newspaper said.
'The sale process is proceeding according to plan,' a spokesman for Dresdner Bank told the newspaper, while declining to further comment. The newspaper said the sale is expected to be completed by early 2006. Sphere: Related Content
US private equity firms Fortress and Carlyle, banking giant Citigroup Inc and three other parties have submitted bids for 300 properties belonging to Allianz AG's banking unit Dresdner Bank AG, Financial Times Deutschland reported, citing sources within the financial industry.
Dresdner Bank has received offers of up to 2 bln eur for about 300 of its offices and bank branches in what would be the largest ever sale-and-leaseback project by a German company, the newspaper said.
'The sale process is proceeding according to plan,' a spokesman for Dresdner Bank told the newspaper, while declining to further comment. The newspaper said the sale is expected to be completed by early 2006. Sphere: Related Content
Franklin Electronic Publishers Agrees to Sale Leaseback of NJ Headquarters
Philadelphia Business Journal - November 9, 2005
Franklin Electronic Publishers, Inc. said Wednesday it has agreed to sell its Burlington City, N.J., headquarters for $10.3 million and lease it back for 10 years. The electronic book manufacturer will realize a $4.8 million gain on the sale and will amortize the gain over the course of the lease, which initially requires Franklin to pay $736,000 in rent per year.
Franklin (AMEX: FEP) will use $2.4 million from the sale to retire its preferred stock. It will use the rest for working capital. The sale must be approved by Franklin's board of directors. If it is, Franklin expects it to close this quarter. Sphere: Related Content
Franklin Electronic Publishers, Inc. said Wednesday it has agreed to sell its Burlington City, N.J., headquarters for $10.3 million and lease it back for 10 years. The electronic book manufacturer will realize a $4.8 million gain on the sale and will amortize the gain over the course of the lease, which initially requires Franklin to pay $736,000 in rent per year.
Franklin (AMEX: FEP) will use $2.4 million from the sale to retire its preferred stock. It will use the rest for working capital. The sale must be approved by Franklin's board of directors. If it is, Franklin expects it to close this quarter. Sphere: Related Content
Friday, November 11, 2005
Spectrum Brands Close to 810,000 SF Warehouse Deal Near Atlanta
CoStar Group - November 10, 2005
Eighteen months after relocating to Atlanta and six months after dropping the Rayovac Corp. name, Spectrum Brands Inc. (NYSE: SPC) is close to making a major space commitment in Jackson County.
The Atlanta-based consumer products giant, represented by consultant Deloitte & Touche, is in negotiations to lease a huge warehouse at Walnut Fork Distribution Center in the city of Jefferson. The 810,000-square-foot building was co-developed by a partnership of J.W. Rooker & Associates and Collier Properties and has been sitting empty since its completion earlier this year.
Earlier this fall, the building was rumored to be on the sales block, marketed by industrial investment sales guru Chris Riley and his team at CB Richard Ellis. Apparently, the sales process was halted once it became clear that the building would land one of the large deals floating around the Northeast submarket. Rooker President Dan Pattillo would not comment on a pending deal for the building or whether it was slated to be sold. Calls to Spectrum Brands were not returned by press time.
The Spectrum lease would be the third large deal to land in the Northeast in recent weeks. Progressive Lighting is putting the final touches on its 700,000 square feet (with expansion room to 1 million square feet) with Duke Realty Corp. (NYSE: DRE) at Park 85 in Braselton, and computer seller Systemax Inc. is in negotiations for approximately 500,000 square feet with IDI at Hamilton Mill Business Center in Gwinnett County. Sphere: Related Content
Eighteen months after relocating to Atlanta and six months after dropping the Rayovac Corp. name, Spectrum Brands Inc. (NYSE: SPC) is close to making a major space commitment in Jackson County.
The Atlanta-based consumer products giant, represented by consultant Deloitte & Touche, is in negotiations to lease a huge warehouse at Walnut Fork Distribution Center in the city of Jefferson. The 810,000-square-foot building was co-developed by a partnership of J.W. Rooker & Associates and Collier Properties and has been sitting empty since its completion earlier this year.
Earlier this fall, the building was rumored to be on the sales block, marketed by industrial investment sales guru Chris Riley and his team at CB Richard Ellis. Apparently, the sales process was halted once it became clear that the building would land one of the large deals floating around the Northeast submarket. Rooker President Dan Pattillo would not comment on a pending deal for the building or whether it was slated to be sold. Calls to Spectrum Brands were not returned by press time.
The Spectrum lease would be the third large deal to land in the Northeast in recent weeks. Progressive Lighting is putting the final touches on its 700,000 square feet (with expansion room to 1 million square feet) with Duke Realty Corp. (NYSE: DRE) at Park 85 in Braselton, and computer seller Systemax Inc. is in negotiations for approximately 500,000 square feet with IDI at Hamilton Mill Business Center in Gwinnett County. Sphere: Related Content
Thursday, November 10, 2005
Taiga Building Products Agrees to Sale Leaseback of 17 Distribution Facilities
Taiga Building Products Ltd. Web Site - November 7, 2005
Taiga Building Products Ltd. announced today that it has signed an agreement with 603048 B.C. Ltd. for the sale and leaseback of 17 of Taiga's distribution and manufacturing facilities. Upon closing, Taiga will lease each of these facilities from the purchaser for initial periods of up to 20 years. The aggregate purchase price to be paid to Taiga at closing is approximately $52,000,000.
The closing of the transaction is subject to Taiga and the purchaser settling the terms of the leases and other customary purchaser's due diligence conditions. The completion of the transaction is expected to occur in February, 2006. Net proceeds of the transaction are expected to be used for strategic and/or other purposes.
Taiga is Canada's largest independent distributor of building products, by revenue. Sphere: Related Content
Taiga Building Products Ltd. announced today that it has signed an agreement with 603048 B.C. Ltd. for the sale and leaseback of 17 of Taiga's distribution and manufacturing facilities. Upon closing, Taiga will lease each of these facilities from the purchaser for initial periods of up to 20 years. The aggregate purchase price to be paid to Taiga at closing is approximately $52,000,000.
The closing of the transaction is subject to Taiga and the purchaser settling the terms of the leases and other customary purchaser's due diligence conditions. The completion of the transaction is expected to occur in February, 2006. Net proceeds of the transaction are expected to be used for strategic and/or other purposes.
Taiga is Canada's largest independent distributor of building products, by revenue. Sphere: Related Content
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