NASDAQ.com - May 21, 1010
AEW Capital Management and the California Municipal Finance Authority have submitted a unique bid to acquire an 11-property portfolio of office buildings from the state of California. The partnership, which is one of seventeen potential buyers that submitted second-round bids, gave the only proposal that aims to keep the properties in the public domain. The portfolio is valued at about $2.2 billion.
In the proposal, CMFA would acquire the portfolio via tax-exempt lease revenue bonds that would pay about 5%. AEW, which would not put any capital into the transaction, would act as the asset manager while a trustee would be appointed to receive the lease payments on behalf of the bond holders. A brokerage firm would be hired to manage the properties.
This structure would allow the proceeds from any future sale to stay in the public domain. At the time of a sale, roughly 50% of proceeds would be given back to the CMFA's constituent local authorities and the rest would go to various affiliated non-profit organizations.
The rest of the offers were for more standard sale-lease backs.
Although there is a 2004 California law that prohibits state-affiliated public entities from assuming additional long-term debt, CMFA is a Joint Powers of Authority that is focused on financing economic development and charitable initiatives for local authorities and therefore is exempt from the law.
A response is expected this week, with the state selecting three to five final bidders. If AEW's proposal were selected to go forward, the individual jurisdictions where the properties are located would have to approve the transaction.
Sphere: Related Content
Sunday, May 30, 2010
Wednesday, May 19, 2010
Banca Monte dei Paschi di Siena Seeking EUR 1.8 Billion Sale Leaseback of Italian Property Portfolio
PropertyEU - May 19, 2010
French insurer AXA Real Estate is taking part in a consortium that is bidding for EUR 1.8 bn worth of property from Siena-based bank Banca Monte dei Paschi di Siena (MPS). Under the sale-and-leaseback plan, the Italian bank would retain a 30% stake in the portfolio with the rest split between Italian property company Sansedoni (40%), AXA Real Estate (20%) and investment bank Mediobanca (10%).
MPS expects to post a capital gain of EUR 443 mln from the sale which is aimed at boosting the bank's capital and liquidity ratios. During the presentation of the bank's first-quarter results, Chief Executive Alberto Vigni said he was 'confident' that the deal would be completed this year.
The lender is currently discussing the sale and leaseback of the property with the Bank of Italy. The operation will see MPS transfer the assets to a new company, Perimetro Gestione Proprietà Immobiliari, which will be seeking new investors in the coming months.
The sale of MPS' real estate was first announced in late 2008 but came to a halt last year due to a change in legislation introduced by the Bank of Italy.
MPS is also working on two other real estate asset disposals. In March, MPS put around 370 bank branches worth around EUR 700 mln on the market and said it was planning to sell around EUR 500 mln worth of properties consisting of 266 branches no longer strategic. Sphere: Related Content
French insurer AXA Real Estate is taking part in a consortium that is bidding for EUR 1.8 bn worth of property from Siena-based bank Banca Monte dei Paschi di Siena (MPS). Under the sale-and-leaseback plan, the Italian bank would retain a 30% stake in the portfolio with the rest split between Italian property company Sansedoni (40%), AXA Real Estate (20%) and investment bank Mediobanca (10%).
MPS expects to post a capital gain of EUR 443 mln from the sale which is aimed at boosting the bank's capital and liquidity ratios. During the presentation of the bank's first-quarter results, Chief Executive Alberto Vigni said he was 'confident' that the deal would be completed this year.
The lender is currently discussing the sale and leaseback of the property with the Bank of Italy. The operation will see MPS transfer the assets to a new company, Perimetro Gestione Proprietà Immobiliari, which will be seeking new investors in the coming months.
The sale of MPS' real estate was first announced in late 2008 but came to a halt last year due to a change in legislation introduced by the Bank of Italy.
MPS is also working on two other real estate asset disposals. In March, MPS put around 370 bank branches worth around EUR 700 mln on the market and said it was planning to sell around EUR 500 mln worth of properties consisting of 266 branches no longer strategic. Sphere: Related Content
Caja Madrid Agrees to EUR 108 Million Sale Leaseback of Office & Data Center in Madrid
europapress.es (as translated by Google) - May 18, 2010
Caja Madrid has reached an agreement on 'sale and leaseback' in Las Rozas (Madrid) with the German fund SEB ImmoPortfolio Target Return Fund, the manager of SEB Asset Management, by which the entity obtained a revenue of 108 million and a total capital gain of EUR 48 million, reported the state.
The commitment of the lease is 30 years. Caja Madrid use the income to strengthen its capital ratios and improve their creditworthiness, in line with the strategy followed during the first quarter of the year, which ran the sale and lease back 83 branches with total capital gains obtained from 55.2 million euros.
The transaction Caja Madrid reserve a right of first offer over the lease period and in case of transfer by the lessee.
The building, which houses the computer-based Caja Madrid, is in the Madrid suburb of Las Rozas, is National Architecture Award and has an area of 43,700 square meters with 537 parking spaces.
The property is part of a business park established in the mid-nineties with excellent access and communications in the northwest axis of the Community of Madrid. Sphere: Related Content
Caja Madrid has reached an agreement on 'sale and leaseback' in Las Rozas (Madrid) with the German fund SEB ImmoPortfolio Target Return Fund, the manager of SEB Asset Management, by which the entity obtained a revenue of 108 million and a total capital gain of EUR 48 million, reported the state.
The commitment of the lease is 30 years. Caja Madrid use the income to strengthen its capital ratios and improve their creditworthiness, in line with the strategy followed during the first quarter of the year, which ran the sale and lease back 83 branches with total capital gains obtained from 55.2 million euros.
The transaction Caja Madrid reserve a right of first offer over the lease period and in case of transfer by the lessee.
The building, which houses the computer-based Caja Madrid, is in the Madrid suburb of Las Rozas, is National Architecture Award and has an area of 43,700 square meters with 537 parking spaces.
The property is part of a business park established in the mid-nineties with excellent access and communications in the northwest axis of the Community of Madrid. Sphere: Related Content
Marks & Spencer Enters £300 Million Sale Leaseback of UK Store Portfolio to Help Fund Pension Deficit
MSN Money UK - May 13, 2010
High street chain Marks and Spencer has agreed a pension funding package worth £800 million in a bid to close the scheme's deficit, it has been announced.
The group's defined benefit scheme, which has 123,000 members, faced a £1.3 billion shortfall when its last valuation was carried out at the end of March last year.
In order to close this, M&S has agreed to pay in an additional £376 million between now and 2018.
It will contribute £35 million a year for the next three years, rising to £60 million for the remainder of the period, on top of the regular contributions it already makes.
The fund will also benefit from a further £300 million through an additional interest in property owned by M&S.
Under the partnership, an interest in property, including stores, is transferred to the pension scheme and then leased back by M&S, providing the pension with an annual income.
The partnership is already generating around £72 million a year for the scheme until 2022, while the latest transfer will contribute a further £36 million annually for 15 years from 2017.
The group will also transfer assets worth £124 million to the pension scheme from existing US dollar hedge contracts.
The £500 million difference between the current deficit and the additional contributions M&S plans to make should be made up by investment returns on the scheme's existing assets.
M&S said the funding plan should not have a "material impact" on the group's net assets or its income statement. Sphere: Related Content
High street chain Marks and Spencer has agreed a pension funding package worth £800 million in a bid to close the scheme's deficit, it has been announced.
The group's defined benefit scheme, which has 123,000 members, faced a £1.3 billion shortfall when its last valuation was carried out at the end of March last year.
In order to close this, M&S has agreed to pay in an additional £376 million between now and 2018.
It will contribute £35 million a year for the next three years, rising to £60 million for the remainder of the period, on top of the regular contributions it already makes.
The fund will also benefit from a further £300 million through an additional interest in property owned by M&S.
Under the partnership, an interest in property, including stores, is transferred to the pension scheme and then leased back by M&S, providing the pension with an annual income.
The partnership is already generating around £72 million a year for the scheme until 2022, while the latest transfer will contribute a further £36 million annually for 15 years from 2017.
The group will also transfer assets worth £124 million to the pension scheme from existing US dollar hedge contracts.
The £500 million difference between the current deficit and the additional contributions M&S plans to make should be made up by investment returns on the scheme's existing assets.
M&S said the funding plan should not have a "material impact" on the group's net assets or its income statement. Sphere: Related Content
Thursday, May 13, 2010
Bellevue Office Tower Leased to Microsoft Trades for $310 Million
CoStar Group - May 12, 2010
What do you do in this market if you're raising money like crazy to invest in commercial real estate -- as much as $100 million a month? If you're Cole Credit Property Trust III Inc., a non-traded REIT in Phoenix, AZ, you spend like crazy, too.
The registered REIT sponsored by Cole Real Estate Investments is in the midst of a two-year public stock offering that has been ongoing since October 2008. As of May 1, Cole Credit III had raised $1.5 billion. So far, it has invested primarily in retail-related buildings net leased to investment-grade and other creditworthy tenants, typically necessity retailers such as drug stores, family restaurants and home improvement stores.
But now the REIT has an even bigger fish on the line. On April 30, one of its subsidiaries agreed to spend $310 million to purchase the 583,000-square-foot City Center at 555 110th St. in Bellevue, WA - a hefty $530 per square foot.
The property is 99.6% occupied, of which approximately 96.3% is subject to a net lease with Microsoft Corp. that expires in June 2024. Microsoft is currently paying an annual base rent of $18.8 million - an amount that increases annually by approximately 2.4% of the then-current annual base rent.
An affiliate of Beacon Capital in Boston, MA, currently owns the building and up until last month had reportedly been in discussions to the sell the building to a German investment fund for about $286 million.
Cole Credit III is expected to close on the deal by June 18, 2010.
This is not the typical deal for the Cole Credit III. As of May 5, it owned 205 properties in 37 states, comprising approximately 5.3 million gross rentable square feet of commercial space and approximately 6.3 million square feet of land subject to ground leases. The typical deal size has been in the $1 million to $6 million range. And that still makes up the bulk of its activity
Besides, the City Center, it is also under contract to make the following purchases this month.
LA Fitness - League City, TX, 45,000 SF, for $7,335,000.
Walgreens - Rocky Mount, NC, 14,820 SF, for $5,863,000.
O'Reilly Automotive - Central, LA, 6,800 SF, for $927,000.
Evans Exchange - Evans, GA, 194,960 SF, for $19,500,000.
Lowe's - South Lebanon, OH, ground lease, for $4,808,000.
Kohl's - South Lebanon, OH, ground lease, for $3,125,000.
White Castle - South Lebanon, OH, ground lease, for $467,000.
Northern Tool - Ocala, FL, 26,054 SF, for $3,518,000.
Walgreens - Lancaster (Palmdale), CA, 13,650 SF, for $5,537,000.
Walgreens - Beloit, WI, 14,820 SF, for $4,310,000. Sphere: Related Content
What do you do in this market if you're raising money like crazy to invest in commercial real estate -- as much as $100 million a month? If you're Cole Credit Property Trust III Inc., a non-traded REIT in Phoenix, AZ, you spend like crazy, too.
The registered REIT sponsored by Cole Real Estate Investments is in the midst of a two-year public stock offering that has been ongoing since October 2008. As of May 1, Cole Credit III had raised $1.5 billion. So far, it has invested primarily in retail-related buildings net leased to investment-grade and other creditworthy tenants, typically necessity retailers such as drug stores, family restaurants and home improvement stores.
But now the REIT has an even bigger fish on the line. On April 30, one of its subsidiaries agreed to spend $310 million to purchase the 583,000-square-foot City Center at 555 110th St. in Bellevue, WA - a hefty $530 per square foot.
The property is 99.6% occupied, of which approximately 96.3% is subject to a net lease with Microsoft Corp. that expires in June 2024. Microsoft is currently paying an annual base rent of $18.8 million - an amount that increases annually by approximately 2.4% of the then-current annual base rent.
An affiliate of Beacon Capital in Boston, MA, currently owns the building and up until last month had reportedly been in discussions to the sell the building to a German investment fund for about $286 million.
Cole Credit III is expected to close on the deal by June 18, 2010.
This is not the typical deal for the Cole Credit III. As of May 5, it owned 205 properties in 37 states, comprising approximately 5.3 million gross rentable square feet of commercial space and approximately 6.3 million square feet of land subject to ground leases. The typical deal size has been in the $1 million to $6 million range. And that still makes up the bulk of its activity
Besides, the City Center, it is also under contract to make the following purchases this month.
LA Fitness - League City, TX, 45,000 SF, for $7,335,000.
Walgreens - Rocky Mount, NC, 14,820 SF, for $5,863,000.
O'Reilly Automotive - Central, LA, 6,800 SF, for $927,000.
Evans Exchange - Evans, GA, 194,960 SF, for $19,500,000.
Lowe's - South Lebanon, OH, ground lease, for $4,808,000.
Kohl's - South Lebanon, OH, ground lease, for $3,125,000.
White Castle - South Lebanon, OH, ground lease, for $467,000.
Northern Tool - Ocala, FL, 26,054 SF, for $3,518,000.
Walgreens - Lancaster (Palmdale), CA, 13,650 SF, for $5,537,000.
Walgreens - Beloit, WI, 14,820 SF, for $4,310,000. Sphere: Related Content
Monday, May 10, 2010
Barclays Seeking Sale Leaseback of 34 Bank Branches in Spain
i-comparables.com - May 6, 2010
Barclays have put up another Spanish commercial property investment portfolio for sale and leaseback, this time of 34 bank branches.
The bank has a network of 586 branches throughout Spain and has been selling many of these over the last few years. In 2008 it sold 24 branches to Redevco in a transaction reported at €65m. The bank also sold a unit in Paseo de Gracia, Barcelona some 12 months ago for around €20m. Colliers International acted in one of the last portfolio sale and leaeback transactions for nine Barclays bank branches around Spain towards the end of 2009.
The largest transaction recorded by i-comparables.com for Barclays in the Spanish real estate investment market took place in 2006 for a price of around €115m. This was for the office investment building located at Calle Mateo Inurria, Madrid, Spain.
According to sources close to the transaction the current offering is the last Spanish property investment transaction which Barclays intend to undertake this year. Jones Lang LaSalle have been given the exclusive mandate. Sphere: Related Content
Barclays have put up another Spanish commercial property investment portfolio for sale and leaseback, this time of 34 bank branches.
The bank has a network of 586 branches throughout Spain and has been selling many of these over the last few years. In 2008 it sold 24 branches to Redevco in a transaction reported at €65m. The bank also sold a unit in Paseo de Gracia, Barcelona some 12 months ago for around €20m. Colliers International acted in one of the last portfolio sale and leaeback transactions for nine Barclays bank branches around Spain towards the end of 2009.
The largest transaction recorded by i-comparables.com for Barclays in the Spanish real estate investment market took place in 2006 for a price of around €115m. This was for the office investment building located at Calle Mateo Inurria, Madrid, Spain.
According to sources close to the transaction the current offering is the last Spanish property investment transaction which Barclays intend to undertake this year. Jones Lang LaSalle have been given the exclusive mandate. Sphere: Related Content
Saturday, May 08, 2010
Dividend Capital To Buy 33 Net Leased Properties from iStar Financial for $1.4 Billion
CoStar Group - May 5, 2010
Dividend Capital Total Realty Trust Inc. agreed to acquire a portfolio of office and industrial properties from iStar Financial Inc. for an aggregate purchase price of $1.4 billion, adjusted for closing costs and prorations of taxes, operating expenses, leasing costs and other items.
Although Dividend Capital did not identify the property assets it is acquiring, it did say that the portfolio consists of 33 office and industrial properties in 18 geographic markets within the United States aggregating approximately 11.8 million net rentable square feet. Included in this portfolio are 22 office properties in 12 markets aggregating approximately 5.1 million net rentable square feet and 11 industrial properties in 10 markets aggregating 6.7 million net rentable square feet.
The properties included in the portfolio are primarily leased to large corporate tenants subject to triple net leases.
Earlier this year, iStar Financial announced that it was pursuing a sale or other transaction involving a portfolio of corporate tenant lease assets representing an aggregate $1.1 billion of book value. The portfolio is encumbered by secured, non-recourse term debt with an aggregate principal balance of $947.9 million that matures in April 2011.
The transactions are expected to close in the second quarter of 2010 subject to finalization of due diligence and obtaining sufficient financing, as well as other customary closing conditions.
iStar has agreed to provide Dividend Capital with up to $125 million in mezzanine financing after the buyer has obtained a commitment for senior financing. Dividend Capital has made an initial earnest money deposit of $25 million in respect of the transactions. Sphere: Related Content
Dividend Capital Total Realty Trust Inc. agreed to acquire a portfolio of office and industrial properties from iStar Financial Inc. for an aggregate purchase price of $1.4 billion, adjusted for closing costs and prorations of taxes, operating expenses, leasing costs and other items.
Although Dividend Capital did not identify the property assets it is acquiring, it did say that the portfolio consists of 33 office and industrial properties in 18 geographic markets within the United States aggregating approximately 11.8 million net rentable square feet. Included in this portfolio are 22 office properties in 12 markets aggregating approximately 5.1 million net rentable square feet and 11 industrial properties in 10 markets aggregating 6.7 million net rentable square feet.
The properties included in the portfolio are primarily leased to large corporate tenants subject to triple net leases.
Earlier this year, iStar Financial announced that it was pursuing a sale or other transaction involving a portfolio of corporate tenant lease assets representing an aggregate $1.1 billion of book value. The portfolio is encumbered by secured, non-recourse term debt with an aggregate principal balance of $947.9 million that matures in April 2011.
The transactions are expected to close in the second quarter of 2010 subject to finalization of due diligence and obtaining sufficient financing, as well as other customary closing conditions.
iStar has agreed to provide Dividend Capital with up to $125 million in mezzanine financing after the buyer has obtained a commitment for senior financing. Dividend Capital has made an initial earnest money deposit of $25 million in respect of the transactions. Sphere: Related Content
Wednesday, May 05, 2010
Agrokor Completes EUR 77 Million Sale Leaseback of Two Office & Logistic Facilities in Zagreb, Croatia
W. P. Carey Website - May 5, 2010
W. P. Carey & Co. LLC (NYSE: WPC), a global investment management company that provides long term asset-based and build to suit financing for companies, announced today that CPA®:17 – Global one of its publicly held non-traded REIT affiliates, has acquired two office and logistics facilities in Zagreb, Croatia. The transaction is W. P. Carey’s first in Croatia and is for a total consideration of €77 million ($101 million), including acquisition fees. The two properties comprise the office headquarters and national distribution center of Konzum, the largest food retailer in Croatia and a subsidiary of Agrokor.
Founded in 1976, Agrokor is the largest private company in Croatia. Agrokor is the largest company in the Adria region and one of the largest among its peers in CEE. A vertically-integrated business with nearly 40,000 employees and almost €4 billion in revenues, it is Croatia’s largest food producer, largest food processor, largest food distributor, and largest food retailer.
Jeffrey Lefleur, Executive Director of W. P. Carey, said:
“As one of the largest real estate transactions in Eastern Europe in the last three years, the acquisition is further indication of W. P. Carey’s ability to provide long term capital to companies based in capital-constrained regions on the Continent.
“Given Agrokor’s dominance of the agribusiness industry and history of successful acquisitions and growth, this was an ideal situation for us to enter the Croatian market. Having its strategically critical operating assets on a long term lease is consistent with our investment strategy.”
Ivica Todoric, Founder and President of Agrokor, said:
“This transaction with W. P. Carey allowed us to structure a deal that meets our short term commitments while supporting our longer term goals.”
King Sturge was the real estate advisor to the transaction. Sphere: Related Content
W. P. Carey & Co. LLC (NYSE: WPC), a global investment management company that provides long term asset-based and build to suit financing for companies, announced today that CPA®:17 – Global one of its publicly held non-traded REIT affiliates, has acquired two office and logistics facilities in Zagreb, Croatia. The transaction is W. P. Carey’s first in Croatia and is for a total consideration of €77 million ($101 million), including acquisition fees. The two properties comprise the office headquarters and national distribution center of Konzum, the largest food retailer in Croatia and a subsidiary of Agrokor.
Founded in 1976, Agrokor is the largest private company in Croatia. Agrokor is the largest company in the Adria region and one of the largest among its peers in CEE. A vertically-integrated business with nearly 40,000 employees and almost €4 billion in revenues, it is Croatia’s largest food producer, largest food processor, largest food distributor, and largest food retailer.
Jeffrey Lefleur, Executive Director of W. P. Carey, said:
“As one of the largest real estate transactions in Eastern Europe in the last three years, the acquisition is further indication of W. P. Carey’s ability to provide long term capital to companies based in capital-constrained regions on the Continent.
“Given Agrokor’s dominance of the agribusiness industry and history of successful acquisitions and growth, this was an ideal situation for us to enter the Croatian market. Having its strategically critical operating assets on a long term lease is consistent with our investment strategy.”
Ivica Todoric, Founder and President of Agrokor, said:
“This transaction with W. P. Carey allowed us to structure a deal that meets our short term commitments while supporting our longer term goals.”
King Sturge was the real estate advisor to the transaction. Sphere: Related Content
TDG Ltd Announces £22 Million Sale Leaseback of Eight Cold Storage Facilities in the UK
W. P. Carey Website - May 4, 2010
W. P. Carey & Co. LLC (NYSE: WPC), a global investment management company that provides long term sale leaseback and build to suit financing for companies, announced today that CPA®:17 – Global, one of its publicly held non-traded REIT affiliates, has purchased eight cold storage facilities from UK logistics and supply chain management company TDG Limited for a total consideration of £22 million ($34 million), including acquisition fees, in an all-equity transaction. The purchase of a ninth cold storage facility is pending subject to final approvals and is expected to close in the next few weeks. The properties are leased back to TDG on a long term basis. The nine properties, which total over 46,000 square meters (500,000 square feet) of cold storage warehousing and office space, are located across England and Wales.
TDG Ltd operates throughout Europe, including the UK, Ireland, France, Spain, Germany, the Benelux, Poland and Hungary, and is 100% owned by private equity investment firm Douglas Bay Capital PLC.
Agents on the transaction were Celtic Asset Management and GVA Grimley for TDG and Knight Frank for W. P. Carey.
Jennifer Walsh, Director of W. P. Carey, said:
“We at W. P. Carey have recognised the growth potential that TDG offers, last year producing results well ahead of its competitors. In addition, the UK public cold storage industry has proved a defensive and stable one in recent months. We believe that the acquired portfolio includes some of TDG’s most sustainable sites, offering a diversified customer base and large geographical market shares.
“This transaction further demonstrates W. P. Carey’s ability to work with private equity firms in order to develop alternative financing structures that support their broader investment strategies as well as provide capital to their portfolio companies.”
Mike Brannigan, CEO of TDG, said:
“We are pleased about this new business relationship with W. P. Carey. The transaction is another key milestone in our property and business strategy to further strengthen our balance sheet in order to reinvest and accelerate the development of TDG. Over the past year TDG has substantially changed its business profile and is now best placed to capitalise on a more benign economic environment.
“We are delighted to work with long term partners such as W. P. Carey, who understands the sector and TDG's long term objectives.” Sphere: Related Content
W. P. Carey & Co. LLC (NYSE: WPC), a global investment management company that provides long term sale leaseback and build to suit financing for companies, announced today that CPA®:17 – Global, one of its publicly held non-traded REIT affiliates, has purchased eight cold storage facilities from UK logistics and supply chain management company TDG Limited for a total consideration of £22 million ($34 million), including acquisition fees, in an all-equity transaction. The purchase of a ninth cold storage facility is pending subject to final approvals and is expected to close in the next few weeks. The properties are leased back to TDG on a long term basis. The nine properties, which total over 46,000 square meters (500,000 square feet) of cold storage warehousing and office space, are located across England and Wales.
TDG Ltd operates throughout Europe, including the UK, Ireland, France, Spain, Germany, the Benelux, Poland and Hungary, and is 100% owned by private equity investment firm Douglas Bay Capital PLC.
Agents on the transaction were Celtic Asset Management and GVA Grimley for TDG and Knight Frank for W. P. Carey.
Jennifer Walsh, Director of W. P. Carey, said:
“We at W. P. Carey have recognised the growth potential that TDG offers, last year producing results well ahead of its competitors. In addition, the UK public cold storage industry has proved a defensive and stable one in recent months. We believe that the acquired portfolio includes some of TDG’s most sustainable sites, offering a diversified customer base and large geographical market shares.
“This transaction further demonstrates W. P. Carey’s ability to work with private equity firms in order to develop alternative financing structures that support their broader investment strategies as well as provide capital to their portfolio companies.”
Mike Brannigan, CEO of TDG, said:
“We are pleased about this new business relationship with W. P. Carey. The transaction is another key milestone in our property and business strategy to further strengthen our balance sheet in order to reinvest and accelerate the development of TDG. Over the past year TDG has substantially changed its business profile and is now best placed to capitalise on a more benign economic environment.
“We are delighted to work with long term partners such as W. P. Carey, who understands the sector and TDG's long term objectives.” Sphere: Related Content
Tuesday, May 04, 2010
Venter Institute Completes $53 Million Sale Leaseback of Rockville R&D Campus
GenomeWeb - May 4, 2010
The J. Craig Venter Institute has sold its Rockville, Md., headquarters campus to BioMed Realty Trust for $53 million, but will continue to carry out research there under a 10-year renewable sale-leaseback agreement with the buyer, JCVI said today.
JCVI fully leases the campus, which consists of five buildings totaling 218,000 square feet, located at 9704-9714 Medical Center Drive. Some 300 scientists and support staffers are based at the campus, while another 100 scientists and support staffers are employed at JCVI's San Diego campus.
J. Craig Venter, JCVI's founder and president, said in a statement that the sale-leaseback "will enable us to remain financially sound for the foreseeable future, and ensure that we can continue our groundbreaking genomic science."
JCVI was formed in October 2006 through the merger of three affiliated organizations — the Institute for Genomic Research, the J. Craig Venter Institute, and the J. Craig Venter Science Foundation.
The deal with Venter is BioMed Realty's second acquisition of life-science property along the I-270 corridor in Maryland's Montgomery County this year. On March 1, the REIT announced it had acquired two fully-leased life science buildings totaling about 82,400 square feet in Gaithersburg, Md., for $14.4 million. The buildings are leased to MedImmune and GenVec.
The JCVI campus acquisition expands BioMed Realty's Maryland portfolio to six properties, consisting of 15 buildings and 1.4 million rentable square feet of life-science space. BioMed Realty is headquartered in San Diego. Sphere: Related Content
The J. Craig Venter Institute has sold its Rockville, Md., headquarters campus to BioMed Realty Trust for $53 million, but will continue to carry out research there under a 10-year renewable sale-leaseback agreement with the buyer, JCVI said today.
JCVI fully leases the campus, which consists of five buildings totaling 218,000 square feet, located at 9704-9714 Medical Center Drive. Some 300 scientists and support staffers are based at the campus, while another 100 scientists and support staffers are employed at JCVI's San Diego campus.
J. Craig Venter, JCVI's founder and president, said in a statement that the sale-leaseback "will enable us to remain financially sound for the foreseeable future, and ensure that we can continue our groundbreaking genomic science."
JCVI was formed in October 2006 through the merger of three affiliated organizations — the Institute for Genomic Research, the J. Craig Venter Institute, and the J. Craig Venter Science Foundation.
The deal with Venter is BioMed Realty's second acquisition of life-science property along the I-270 corridor in Maryland's Montgomery County this year. On March 1, the REIT announced it had acquired two fully-leased life science buildings totaling about 82,400 square feet in Gaithersburg, Md., for $14.4 million. The buildings are leased to MedImmune and GenVec.
The JCVI campus acquisition expands BioMed Realty's Maryland portfolio to six properties, consisting of 15 buildings and 1.4 million rentable square feet of life-science space. BioMed Realty is headquartered in San Diego. Sphere: Related Content
Saturday, May 01, 2010
CVS Portfolio Trades for $63 Million
GlobeSt.com - April 29, 2010
A private investor has acquired a net lease portfolio of 20 CVS/pharmacies for $62.7 million. The seller was also a Texas-based private investor.
Encompassing more than 248,000 square feet, the retail properties are located in primary and secondary markets in Alabama, California, Connecticut, Florida, Georgia, Illinois, Massachusetts, Michigan, New Hampshire, Pennsylvania, Texas and Virginia. The properties, which average 12,400 square feet, are 100% leased to CVS/pharmacies, according to Jeff Hughes, a senior director of investment sales for Stan Johnson Co., a Tulsa, OK-based net lease brokerage firm.
Hughes represented both the buyer and the seller, along with Brandon Duff, also of Stan Johnson Co. He says the buyer was attracted to this deal because the properties were highly leveraged and well-suited to meet its unique needs for this transaction.
"These properties have long-term, bond-style leases with investment grade tenants, providing highly leveraged assumable loans in place," Hughes says. "This transaction type is perfectly suited for owners needing to replace debt from 1031 or 1033 exchanges." Sphere: Related Content
A private investor has acquired a net lease portfolio of 20 CVS/pharmacies for $62.7 million. The seller was also a Texas-based private investor.
Encompassing more than 248,000 square feet, the retail properties are located in primary and secondary markets in Alabama, California, Connecticut, Florida, Georgia, Illinois, Massachusetts, Michigan, New Hampshire, Pennsylvania, Texas and Virginia. The properties, which average 12,400 square feet, are 100% leased to CVS/pharmacies, according to Jeff Hughes, a senior director of investment sales for Stan Johnson Co., a Tulsa, OK-based net lease brokerage firm.
Hughes represented both the buyer and the seller, along with Brandon Duff, also of Stan Johnson Co. He says the buyer was attracted to this deal because the properties were highly leveraged and well-suited to meet its unique needs for this transaction.
"These properties have long-term, bond-style leases with investment grade tenants, providing highly leveraged assumable loans in place," Hughes says. "This transaction type is perfectly suited for owners needing to replace debt from 1031 or 1033 exchanges." Sphere: Related Content
W.P. Carey Appoints H. Cabot Lodge, III President of W. P. Carey & Co. Ltd. and Head of European Investments
W. P. Carey Website - April 29, 2010
Investment firm W. P. Carey & Co. LLC (NYSE: WPC) announced today that H. Cabot Lodge, III has been appointed President of its UK subsidiary, W. P. Carey & Co. Ltd. Mr. Lodge will serve as head of European Investments and is based out of W. P. Carey’s London office.
Gordon DuGan, President and Chief Executive Officer of W. P. Carey, commented “Cabot’s appointment to head our European investment team underlines our commitment to further strengthen the firm’s international platform. Having a senior executive with Cabot’s capabilities and credentials will enhance our ability to capitalize on recent successes and pursue opportunities in the current market. Cabot has more than 25 years of deal experience, including 15 years previously with W. P. Carey, and his knowledge will be a significant asset in accelerating the development of our European franchise.” Sphere: Related Content
Investment firm W. P. Carey & Co. LLC (NYSE: WPC) announced today that H. Cabot Lodge, III has been appointed President of its UK subsidiary, W. P. Carey & Co. Ltd. Mr. Lodge will serve as head of European Investments and is based out of W. P. Carey’s London office.
Gordon DuGan, President and Chief Executive Officer of W. P. Carey, commented “Cabot’s appointment to head our European investment team underlines our commitment to further strengthen the firm’s international platform. Having a senior executive with Cabot’s capabilities and credentials will enhance our ability to capitalize on recent successes and pursue opportunities in the current market. Cabot has more than 25 years of deal experience, including 15 years previously with W. P. Carey, and his knowledge will be a significant asset in accelerating the development of our European franchise.” Sphere: Related Content
Wednesday, April 28, 2010
Eroski Closes EUR 150 Million Sale Leaseback of 12 Supermarkets Across Spain
Expansión (as translated by Google) - April 29, 2010
The Eroski supermarket chain has closed its third real estate sales transaction in just four months. The latter was closed this Tuesday. The agreement provides for the sale and subsequent rental (market operation known as a sale & lease back) of more than a dozen establishments in the background episodes.
The transaction, advised by property consultant Cushman & Wakefield, has been closed for 150 million euros. The facilities have a combined total area of 120,000 square meters and are spread throughout Spain, including the hypermarket of the Bañeza (Leon), Azuqueca (Guadalajara) and Luz de Castilla (Segovia).
The average length of contracts signed by Eroski is situated in 20 years.
With this operation, Epis (acronym of European Property Investors Special Opportunities) enters the Spanish real estate market. In 2008, the fund reached 788 million euros for institutional investors, to date, purchases of assets in the UK and France.
The vehicle is real estate fund managed by AEW Capital Partners Europe and Tristan. "We are delighted to have closed this transaction with a major corporation and we believe that due to its strong defensive position in a sector such as the power, this transaction is the ideal investment vehicle to make your diving episodes in a market as in Spanish, "says Ric Lewis, CEO of Tristan Capital Partners.
In accordance with episodes, the supermarket chain that closes the third operation is the sale and subsequent rental of their facilities. The first one took place in late December when the investment firm WP Carey purchased a large block of businesses. In that case, Eroski has not provided or the total number of businesses sold or the total amount of the transaction. In the second transaction, closed on 16 February, the chain received 75 million euros for a portfolio of properties transferred to the same non-listed company (REIT) fund of WP Carey. The sale and subsequent lease was closed at 7% return (yield).
Eroski operates throughout the Spanish territory with a hundred hypermarkets, 1,700 supermarkets and franchises. The group also owns shopping centers, in addition to managing gas stations and travel agencies.
This is not the first time the distribution group uses the divestment of property assets to achieve liquidity. Specifically, since 2001, Eroski has conducted an intense policy of sale of real estate (both supermarkets and hypermarkets, such as schools), keeping their premises as a tenant.
Thus, the company transferred several of its local financial institutions ING and Eurohypo, in addition to selling tracks logistics platforms in Zaragoza and Malaga. In both cases, Eroski opted for the formula for sale and rent back.
Thus, Eroski joins the group of companies and financial institutions that use the formula for sale & lease back to obtain liquidity through the sale of assets, but without losing their respective locations. Among them, BBVA, Banco Sabadell and Barclays. Sphere: Related Content
The Eroski supermarket chain has closed its third real estate sales transaction in just four months. The latter was closed this Tuesday. The agreement provides for the sale and subsequent rental (market operation known as a sale & lease back) of more than a dozen establishments in the background episodes.
The transaction, advised by property consultant Cushman & Wakefield, has been closed for 150 million euros. The facilities have a combined total area of 120,000 square meters and are spread throughout Spain, including the hypermarket of the Bañeza (Leon), Azuqueca (Guadalajara) and Luz de Castilla (Segovia).
The average length of contracts signed by Eroski is situated in 20 years.
With this operation, Epis (acronym of European Property Investors Special Opportunities) enters the Spanish real estate market. In 2008, the fund reached 788 million euros for institutional investors, to date, purchases of assets in the UK and France.
The vehicle is real estate fund managed by AEW Capital Partners Europe and Tristan. "We are delighted to have closed this transaction with a major corporation and we believe that due to its strong defensive position in a sector such as the power, this transaction is the ideal investment vehicle to make your diving episodes in a market as in Spanish, "says Ric Lewis, CEO of Tristan Capital Partners.
In accordance with episodes, the supermarket chain that closes the third operation is the sale and subsequent rental of their facilities. The first one took place in late December when the investment firm WP Carey purchased a large block of businesses. In that case, Eroski has not provided or the total number of businesses sold or the total amount of the transaction. In the second transaction, closed on 16 February, the chain received 75 million euros for a portfolio of properties transferred to the same non-listed company (REIT) fund of WP Carey. The sale and subsequent lease was closed at 7% return (yield).
Eroski operates throughout the Spanish territory with a hundred hypermarkets, 1,700 supermarkets and franchises. The group also owns shopping centers, in addition to managing gas stations and travel agencies.
This is not the first time the distribution group uses the divestment of property assets to achieve liquidity. Specifically, since 2001, Eroski has conducted an intense policy of sale of real estate (both supermarkets and hypermarkets, such as schools), keeping their premises as a tenant.
Thus, the company transferred several of its local financial institutions ING and Eurohypo, in addition to selling tracks logistics platforms in Zaragoza and Malaga. In both cases, Eroski opted for the formula for sale and rent back.
Thus, Eroski joins the group of companies and financial institutions that use the formula for sale & lease back to obtain liquidity through the sale of assets, but without losing their respective locations. Among them, BBVA, Banco Sabadell and Barclays. Sphere: Related Content
Tuesday, April 27, 2010
Popular Seeking EUR 700 Million Sale Leaseback of 800 Bank Branches
Reuters - April 26, 2010
Spanish bank Popular (POP.MC) is aiming to sell more than a third of its branches by the end of June in deals that could raise about 700 million euros ($940.9 million) of capital gains, El Economista reported on Monday without citing sources.
The bank has agreed to sell up to 800 branches to wealthy investors who in return will lease them back to the bank, the financial daily reported.
A spokesman for the bank declined to comment on the report.
A number of competitors such as Santander (SAN.MC) and BBVA (BBVA.MC) have already signed sale-leaseback deals on property. Sphere: Related Content
Spanish bank Popular (POP.MC) is aiming to sell more than a third of its branches by the end of June in deals that could raise about 700 million euros ($940.9 million) of capital gains, El Economista reported on Monday without citing sources.
The bank has agreed to sell up to 800 branches to wealthy investors who in return will lease them back to the bank, the financial daily reported.
A spokesman for the bank declined to comment on the report.
A number of competitors such as Santander (SAN.MC) and BBVA (BBVA.MC) have already signed sale-leaseback deals on property. Sphere: Related Content
EUR 130 Million Carrefour Distribution Center Portfolio in France For Sale
PropertyEU - April 23, 2010
US real estate investor WP Carey has mandated CB Richard Ellis and BNP Paribas to sell a portfolio of distribution centres across France, according to well-informed market sources. The portfolio, worth some EUR 130 mln, offers 360,000 m2 of logistics space mostly let to French hypermarket Carrefour. The properties are spread across nine locations in France, including the cities of Paris, Lille, Caen, Nancy, Le Mans, Agen, Bourges and Lyon.
"The company wants to capitalise on the expected recovery for the logistics sector," a person familiar with the situation said.
Eight of the nine assets were bought in 2002 in a EUR 104 mln sale-and-leaseback transaction with Carrefour. The facilities were purchased on behalf of Corporate Property Associates 14 Incorporated, a member of the WP Carey Group of publicly held non-traded real estate investment trusts (REITs). Sphere: Related Content
US real estate investor WP Carey has mandated CB Richard Ellis and BNP Paribas to sell a portfolio of distribution centres across France, according to well-informed market sources. The portfolio, worth some EUR 130 mln, offers 360,000 m2 of logistics space mostly let to French hypermarket Carrefour. The properties are spread across nine locations in France, including the cities of Paris, Lille, Caen, Nancy, Le Mans, Agen, Bourges and Lyon.
"The company wants to capitalise on the expected recovery for the logistics sector," a person familiar with the situation said.
Eight of the nine assets were bought in 2002 in a EUR 104 mln sale-and-leaseback transaction with Carrefour. The facilities were purchased on behalf of Corporate Property Associates 14 Incorporated, a member of the WP Carey Group of publicly held non-traded real estate investment trusts (REITs). Sphere: Related Content
Saturday, April 17, 2010
Co-operative Group Agrees to 20 Year Lease on Build-to-Suit UK Distribution Center
PropertyEU - April 14, 2010
Legal & General Property has agreed to acquire a distribution centre project in the UK from Goodman for 47 mln (EUR 53 mln). Goodman, a global provider of industrial and business space, announced this week that it will commence development of the pre-let 43,484-m2 regional distribution centre (RDC) at Andover Commercial Park, formerly Andover Airfield, in Hampshire following the forward-funding agreement with LGP.
The distribution centre will be occupied by The Co-operative Group, the UK's fifth largest food retailer, on a 20-year lease. Goodman aims to achieve a BREEAM rating of "Very Good&" for the facility.
Goodman was represented by Savills and Carter Jonas. M3 acted for LGP and Thomas Round advised The Co-operative Group. Sphere: Related Content
Legal & General Property has agreed to acquire a distribution centre project in the UK from Goodman for 47 mln (EUR 53 mln). Goodman, a global provider of industrial and business space, announced this week that it will commence development of the pre-let 43,484-m2 regional distribution centre (RDC) at Andover Commercial Park, formerly Andover Airfield, in Hampshire following the forward-funding agreement with LGP.
The distribution centre will be occupied by The Co-operative Group, the UK's fifth largest food retailer, on a 20-year lease. Goodman aims to achieve a BREEAM rating of "Very Good&" for the facility.
Goodman was represented by Savills and Carter Jonas. M3 acted for LGP and Thomas Round advised The Co-operative Group. Sphere: Related Content
Friday, April 02, 2010
Carestream Health Agrees to Sale Leaseback of HQ in Rochester NY
Democrat and Chronicle - April 2, 2010
Carestream Health Inc. is selling its seven-story building that houses its world headquarters.
The Rochester-based health imaging company that employs 1,100 people locally said it plans to remain in the Verona Street building and will sign a 10-year lease for most of the space with the new owner, Rochester property management firm Buckingham Properties LLC.
"We're staying right here," Carestream spokesman Robert Salmon said. "We just don't want to be in the property management business."
The building was put up by Eastman Kodak Co. in 1988 adjacent to its own headquarters at 343 State St. Kodak sold off its health imaging operations, which became Carestream, in 2007.
Terms of the sale to Buckingham Properties were not disclosed. Buckingham CEO Larry Glazer said he hopes to close on the deal by late June.
Carestream will continue to occupy all but the third floor of the building, Glazer said. With 61,000 square feet and adjacent parking, the space could be particularly attractive to firms looking to have a downtown Rochester location but not wanting to deal with parking issues. The space already has attracted some interest from prospects, though Buckingham has not yet begun to heavily market it, he said.
Salmon said part of the motivation for the sale is the fact Carestream had too much unused space in the building.
Companies selling off and then leasing back their own real estate is a common move in the business world as it can free up money for other uses. Xerox Corp. currently is looking to make a similar deal for the 30-story Xerox Square on South Clinton Avenue. Sphere: Related Content
Carestream Health Inc. is selling its seven-story building that houses its world headquarters.
The Rochester-based health imaging company that employs 1,100 people locally said it plans to remain in the Verona Street building and will sign a 10-year lease for most of the space with the new owner, Rochester property management firm Buckingham Properties LLC.
"We're staying right here," Carestream spokesman Robert Salmon said. "We just don't want to be in the property management business."
The building was put up by Eastman Kodak Co. in 1988 adjacent to its own headquarters at 343 State St. Kodak sold off its health imaging operations, which became Carestream, in 2007.
Terms of the sale to Buckingham Properties were not disclosed. Buckingham CEO Larry Glazer said he hopes to close on the deal by late June.
Carestream will continue to occupy all but the third floor of the building, Glazer said. With 61,000 square feet and adjacent parking, the space could be particularly attractive to firms looking to have a downtown Rochester location but not wanting to deal with parking issues. The space already has attracted some interest from prospects, though Buckingham has not yet begun to heavily market it, he said.
Salmon said part of the motivation for the sale is the fact Carestream had too much unused space in the building.
Companies selling off and then leasing back their own real estate is a common move in the business world as it can free up money for other uses. Xerox Corp. currently is looking to make a similar deal for the 30-story Xerox Square on South Clinton Avenue. Sphere: Related Content
Monday, March 29, 2010
Leighton Contractors Agrees to $94 Million Sale Leaseback of Brisbane HQ
egoli.com - March 29, 2010
Leighton Holdings Limited (LEI) said it has signed a contract to sell the South Tower of HQ in Brisbane’s Fortitude Valley to AFIAA for $94 million. AFIAA is the investment foundation of 18 Swiss pension funds.
CEO of AFIAA, Hans Brauwers, said the acquisition was a logical development of the foundation’s strategy of counter-cyclical investment.
“The Australian market is extremely attractive at the moment – as a country rich in raw materials and on the doorstep of Asia, Australia is benefiting directly from the pronounced upswing in the east, particularly China and India,” Mr Brauwers said.
The tower is fully leased to Leighton Contractors as their new head quarters on a fixed 10-year lease.
Leighton Properties’ executive director and state manager, Queensland, Andrew Borger, said an EOI campaign for the HQ North Tower would commence immediately.
“There is still very strong interest in high quality, new assets from both national and international investors and we are confident bringing HQ North Tower to the marketplace,” Mr Borger said.
“Fortitude Valley is now the most active city fringe office precinct in Brisbane."
"It’s location is viewed as an extension of Brisbane’s CBD and currently there is in the order of $10.3 billion worth of government investment in the construction of road and public transport infrastructure that will benefit this area.” Sphere: Related Content
Leighton Holdings Limited (LEI) said it has signed a contract to sell the South Tower of HQ in Brisbane’s Fortitude Valley to AFIAA for $94 million. AFIAA is the investment foundation of 18 Swiss pension funds.
CEO of AFIAA, Hans Brauwers, said the acquisition was a logical development of the foundation’s strategy of counter-cyclical investment.
“The Australian market is extremely attractive at the moment – as a country rich in raw materials and on the doorstep of Asia, Australia is benefiting directly from the pronounced upswing in the east, particularly China and India,” Mr Brauwers said.
The tower is fully leased to Leighton Contractors as their new head quarters on a fixed 10-year lease.
Leighton Properties’ executive director and state manager, Queensland, Andrew Borger, said an EOI campaign for the HQ North Tower would commence immediately.
“There is still very strong interest in high quality, new assets from both national and international investors and we are confident bringing HQ North Tower to the marketplace,” Mr Borger said.
“Fortitude Valley is now the most active city fringe office precinct in Brisbane."
"It’s location is viewed as an extension of Brisbane’s CBD and currently there is in the order of $10.3 billion worth of government investment in the construction of road and public transport infrastructure that will benefit this area.” Sphere: Related Content
Friday, March 26, 2010
Almar Management Completes $55 Million Sale Leaseback of Four California Marinas
Citybizlist South Florida - March 25, 2010
Orlando-based CNL Lifestyle Properties, Inc., a commercial real estate REIT that invests in lifestyle properties, has acquired a portfolio of four coastal marinas in California for an aggregate purchase price of approximately $55.0 million, excluding transaction costs.
The marinas were acquired through a sale-leaseback arrangement and are subject to triple-net leases with an initial term of 20 years and two 10-year renewal options. In connection with the transaction the Company assumed three existing loans collateralized by the properties with aggregate outstanding principal balances of approximately $14.0 million.
All properties are operated by Almar Management, Inc.:
Ancapa Isle Marina - Oxnard, California
438 wet slips;
Purchase Price (in thousands): $9,829
Ballena Isle Marina - Alameda, California
504 wet slips;
Purchase Price (in thousands): $8,179
Cabrillo Isle Marina - San Diego, California
463 wet slips;
Purchase Price (in thousands): $20,576
Ventura Isle Marina - Ventura, California
579 wet slips;
Purchase Price (in thousands): $16,418" Sphere: Related Content
Orlando-based CNL Lifestyle Properties, Inc., a commercial real estate REIT that invests in lifestyle properties, has acquired a portfolio of four coastal marinas in California for an aggregate purchase price of approximately $55.0 million, excluding transaction costs.
The marinas were acquired through a sale-leaseback arrangement and are subject to triple-net leases with an initial term of 20 years and two 10-year renewal options. In connection with the transaction the Company assumed three existing loans collateralized by the properties with aggregate outstanding principal balances of approximately $14.0 million.
All properties are operated by Almar Management, Inc.:
Ancapa Isle Marina - Oxnard, California
438 wet slips;
Purchase Price (in thousands): $9,829
Ballena Isle Marina - Alameda, California
504 wet slips;
Purchase Price (in thousands): $8,179
Cabrillo Isle Marina - San Diego, California
463 wet slips;
Purchase Price (in thousands): $20,576
Ventura Isle Marina - Ventura, California
579 wet slips;
Purchase Price (in thousands): $16,418" Sphere: Related Content
Banco Sabadell Agrees to EUR 403 Million Sale Leaseback of Bank Branch Portfolio in Spain
ABC.es (as translated to English by Google)- March 26, 2010
Banco Sabadell sells 378 offices and other properties for 403 million.
In its statement, noted that the sale will simultaneously couple to formalize a long-term lease and that branch is located in Spain.
The total transaction price is EUR 403 million, reflecting an initial yield of 6.65%, and represents for Banco Sabadell a capital gain of approximately EUR 265 million, before taxes.
Most of the assets, which have a surface ranging from 150 square meters (sqm) and 1,000 meters - are found in Catalonia and Madrid, the rest being distributed among the different autonomous communities.
Drawing on the total areas can be emphasized that 17% of premises are situated in the cities of Madrid and Barcelona.
The funds obtained by this operation, intended to increase their 'capital base,' explained the president of Banco Sabadell, Josep Oliu, before the meeting this week, since its objective is 'to reach a 'core capital 'percentage of equity-highest quality-from 8%, one point more than market demand as a bank Sabadell. At this time the core capital of the bank is 7.6%.
This is the second such transaction that closes Banco Sabadell since last year earned 125 million for various operations. Sphere: Related Content
Banco Sabadell sells 378 offices and other properties for 403 million.
In its statement, noted that the sale will simultaneously couple to formalize a long-term lease and that branch is located in Spain.
The total transaction price is EUR 403 million, reflecting an initial yield of 6.65%, and represents for Banco Sabadell a capital gain of approximately EUR 265 million, before taxes.
Most of the assets, which have a surface ranging from 150 square meters (sqm) and 1,000 meters - are found in Catalonia and Madrid, the rest being distributed among the different autonomous communities.
Drawing on the total areas can be emphasized that 17% of premises are situated in the cities of Madrid and Barcelona.
The funds obtained by this operation, intended to increase their 'capital base,' explained the president of Banco Sabadell, Josep Oliu, before the meeting this week, since its objective is 'to reach a 'core capital 'percentage of equity-highest quality-from 8%, one point more than market demand as a bank Sabadell. At this time the core capital of the bank is 7.6%.
This is the second such transaction that closes Banco Sabadell since last year earned 125 million for various operations. Sphere: Related Content
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