Sale and leaseback – Last Jeudi http://lastjeudi.org/ Tue, 12 Oct 2021 00:41:36 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://lastjeudi.org/wp-content/uploads/2021/03/cropped-icon-1-32x32.png Sale and leaseback – Last Jeudi http://lastjeudi.org/ 32 32 Star Entertainment is considering sale and leaseback of Star Sydney https://lastjeudi.org/star-entertainment-is-considering-sale-and-leaseback-of-star-sydney/ https://lastjeudi.org/star-entertainment-is-considering-sale-and-leaseback-of-star-sydney/#respond Mon, 11 Oct 2021 19:01:40 +0000 https://lastjeudi.org/star-entertainment-is-considering-sale-and-leaseback-of-star-sydney/ Posted: Oct 11, 2021, 11:58 p.m. Last update on: October 11, 2021, 01:31 a.m. Private equity giant Blackstone (NYSE: BX) is rumored to be considering a sale-leaseback transaction involving Star Entertainment Group’s integrated Star Sydney resort. Star Sydney from Star Entertainment. Blackstone is rumored to be considering a leaseback of the location. (Picture: News.Com.Au) The […]]]>

Posted: Oct 11, 2021, 11:58 p.m.

Last update on: October 11, 2021, 01:31 a.m.

Private equity giant Blackstone (NYSE: BX) is rumored to be considering a sale-leaseback transaction involving Star Entertainment Group’s integrated Star Sydney resort.

Starry black stone
Star Sydney from Star Entertainment. Blackstone is rumored to be considering a leaseback of the location. (Picture: News.Com.Au)

The rumor surfaced ahead of today’s drop in the Australian casino operator’s shares amid allegations it facilitated money laundering in Sydney and the Gold Coast. The fall in shares of Star Entertainment led to an evaporated market cap of $ 740 million.

As for the Star Sydney, the operator sees a way to create shareholder value by potentially selling a controlling stake in the $ 1.68 billion site and leasing the rest. The company could look to sell a 51% stake in the property while retaining 49%.

We see the potential to unlock the value of our real estate assets through a sale-leaseback or similar transaction, ”said Harry Theodore, CEO of Star Entertainment, in an interview with the australian.

Credit Suisse is working on sale-leaseback leads for the gaming company. Sale-leaseback agreements, or PLS, are common in the industry and often seen as a win-win for casino operators and real estate companies. Through these deals, a gaming company can monetize real estate assets, often raising large initial sums of money to use for anything including more acquisitions, rewards for shareholders, such as buyouts and dividends, or to reduce debt.

Likewise, the real estate company that leases the land to the operator benefits from long-term leases that often include progressively increasing rates without having to be financially responsible for building improvements.

Blackstone’s logical partner for Star

For now, Blackstone’s possible involvement in a sale-leaseback for Star Sydney remains a point of speculation, not confirmation. However, the private equity firm has an established track record of involvement in gaming SLBs.

In 2019, Blackstone acquired the real estate assets of Bellagio on the Las Vegas Strip and leased this location to MGM Resorts International. A few months later, she took a minority stake in a deal with MGM Growth Properties in real estate at MGM Grand and Mandalay Bay. In July, the private equity giant announced the purchase of Aria and Vdara on the Strip, and that those sites are being re-leased to MGM.

Even with the recently announced sale of the Cosmopolitan to MGM, Blackstone remains one of the Strip’s biggest owners.

Another reason the Blackstone / Star partnership makes sense

There is another angle for a possible Blackstone / Star collaboration. The latter was previously a contender for rival Crown Resorts, which also landed in warm regulatory waters. However, Star withdrew its $ 6.64 billion takeover offer in July.

Blackstone owns around 10 percent of Crown’s shares, and Star has left the door open for another bid for his rival. One thing is for sure, despite Star’s new regulatory controversy, analysts like the idea of ​​the company monetizing its integrated Sydney resort.

“We estimate that the sale and leaseback of the Sydney Casino could generate $ 1.25 per share of additional value, assuming a 5% cap rate, a premium over US REITs given the position in the Australian casino market, ”according to a note from E&P Financial Group. Quoted by the australian.


Source link

]]>
https://lastjeudi.org/star-entertainment-is-considering-sale-and-leaseback-of-star-sydney/feed/ 0
This dividend-paying stock unleashes more growth https://lastjeudi.org/this-dividend-paying-stock-unleashes-more-growth/ https://lastjeudi.org/this-dividend-paying-stock-unleashes-more-growth/#respond Sun, 10 Oct 2021 12:01:00 +0000 https://lastjeudi.org/this-dividend-paying-stock-unleashes-more-growth/ As as part of its international growth strategy, the property investment fund Real estate income (NYSE: O) recently announced its expansion into Spain. If the company’s excellent track record is any indication, there is little reason to expect the REIT to be unable to find its place in this new market. And given the trillions […]]]>

As as part of its international growth strategy, the property investment fund Real estate income (NYSE: O) recently announced its expansion into Spain. If the company’s excellent track record is any indication, there is little reason to expect the REIT to be unable to find its place in this new market. And given the trillions of dollars in net rental of real estate in continental Europe, this announcement marks another important step towards tripling the total addressable Realty Income market.

So what does this international expansion mean for the property investment fund? And is the action a buy at today’s prices?

Image source: Getty Images.

A vast new market for real estate income

Before we discuss the impact of Realty Income’s move to Spain, let’s take a look at what led to it.

Realty Income has grown from a single Taco Bell location in 1969 to 6,761 properties in all 50 US states, Puerto Rico and the UK today. It is the 10th largest REIT in the world in terms of market capitalization. Until a few years ago Realty Income was completely domestic, but that changed when it entered the international market with a £ 429 million ($ 578 million) sale and leaseback agreement with the grocer. . Sainsbury’s in the UK in 2019.

This international expansion was driven by two main ideas: to expand the total universe of the Company’s net addressable leases and to diversify into less saturated net lease markets to obtain better deals on quality properties.

Realty Income buys single tenant properties and rents them to tenants through triple net leases, in which the tenant covers property taxes, insurance and maintenance, as well as the monthly rent. The US net lease market is estimated at $ 4 trillion, and public net lease REITs represent approximately 4% of the total addressable market. But the European market is much larger and much less saturated: its value is estimated at 8 trillion dollars, with public net-lease REITs representing less than 1%.

To achieve the same saturation level in Europe as in the United States, REITs would need to acquire approximately $ 240 billion of net rental real estate. Executing billions of dollars in acquisitions each year would lengthen Realty Income’s growth track by decades.

The expansion of Realty Income from the UK to Spain opens up many more opportunities. The UK’s commercial real estate market was valued at $ 1.5 trillion last year, and entry into Spain will open another market, worth nearly $ 600 billion last year.

For context, the enterprise value of Realty Income was $ 34.4 billion as of June 30. In just two years in the UK to date, Realty Income’s European portfolio has already reached $ 2.7 billion in enterprise value. This demonstrates that Realty Income’s ability to continuously grow in the US market has also translated into the UK market.

Another strong tenant

Realty Income’s entry into Spain comes in the form of a $ 125 million deal with the country’s second largest grocer, crossroads. Real estate income locked in a 10 year lease with annual rent increases indexed to inflation.

While the deal with Carrefour may appear minimal at first glance, it is important to understand that it has over 13,000 stores worldwide, which could lead to additional acquisitions for Realty Income. And this is another example of what made Realty Income so successful: its selectivity in acquiring properties. The company primarily chooses retailers with strong balance sheets in non-discretionary (like grocery stores), low-cost (like dollar stores), or service-oriented (convenience stores) industries. These characteristics of his portfolio helped him increase his adjusted operating funds (AFFO, a key indicator of profitability for REITs) to $ 3.39 per share last year, a gain of 2.1%, despite disruptions related to COVID-19.

Carrefour proved its resilience last year by increasing same-store sales by nearly 8% at the height of the pandemic. And best of all, its portfolio in Spain consists of markets with average household income above the country’s median. This should significantly increase Carrefour’s ability to consistently meet its rent obligations in the event of an economic downturn, especially as the company pays below-market rents, which positions Realty Income to renew the leases of these properties to Carrefour. in the future at higher rents.

This is exactly the kind of tenant Realty Income wants to develop a relationship with, which is why I think the REIT expansion in Spain has been executed well.

With the global economy reopening amid rising vaccination rates, Realty Income expects its AFFO per share growth to accelerate this year. His AFFO forecast of $ 3.53 to $ 3.59 per share for this year matches a growth rate of 4.1% to 5.9% year-over-year.

Quality at a reasonable price

At recent prices, investors can buy Realty Income shares at 19 times the median of this year’s forecast for AFFOs per share. It’s more expensive than peers National Retail Properties‘multiple of 15. But I think this is warranted, as National Retail Properties’ AFFOs per share saw a slight decline related to COVID last year, while Realty Income generated another year of growth.

Realty Income’s return of 4.3% at recent prices is still a little lower than its 13-year median of 4.5%. But I would say this is justified by its longer growth track due to its continued international expansion. The company should be able to continue raising its dividend in the years to come, extending the 26-year streak that already makes it a dividend aristocrat. This is because its AFFO payout per share ratio is expected to be in the high range of 70% for this year, which positions the dividend to grow in line with AFFO per share.

10 stocks we prefer over Realty Income
When our award-winning team of analysts have stock advice, it can pay off to listen. After all, the newsletter they’ve been running for over a decade, Motley Fool Equity Advisor, has tripled the market. *

They just revealed what they think are the top ten stocks investors can buy right now … and Realty Income was not one of them! That’s right – they think these 10 stocks are even better buys.

See the 10 actions

* The portfolio advisor returns on September 17, 2021

Kody Kester owns shares of National Retail Properties and Realty Income. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


Source link

]]>
https://lastjeudi.org/this-dividend-paying-stock-unleashes-more-growth/feed/ 0
Broadstone Net Lease (BNL) down 1.71% for October 8 https://lastjeudi.org/broadstone-net-lease-bnl-down-1-71-for-october-8/ https://lastjeudi.org/broadstone-net-lease-bnl-down-1-71-for-october-8/#respond Sat, 09 Oct 2021 01:39:00 +0000 https://lastjeudi.org/broadstone-net-lease-bnl-down-1-71-for-october-8/ Shares of Broadstone Net Lease Inc (NYSE: BNL) fell 1.71%, or $ 0.44 per share, to close at $ 25.28 on Friday. After opening the day at $ 25.70, shares of Broadstone Net Lease have fluctuated between $ 25.90 and $ 25.21. 442,548 shares traded in the hands, down from their 30-day average of 882,645. […]]]>

Shares of Broadstone Net Lease Inc (NYSE: BNL) fell 1.71%, or $ 0.44 per share, to close at $ 25.28 on Friday. After opening the day at $ 25.70, shares of Broadstone Net Lease have fluctuated between $ 25.90 and $ 25.21. 442,548 shares traded in the hands, down from their 30-day average of 882,645. Friday’s activity brought Broadstone Net Lease’s market cap to $ 4,015,231,248.

About Broadstone Net Lease Inc

Broadstone Net Lease, Inc. (BNL) invests in free-standing, single-tenant, net leased commercial properties located in the United States, primarily through sale-leaseback, leaseback and UPREIT transactions. UPREIT transactions (where “UPREIT” stands for “umbrella partnership real estate investment company”) offer a tax-deferred exit strategy for owners of real estate who might otherwise see a significant taxable gain on the cash sale of a property. highly regarded property with a low cost base tax. With a diversified portfolio of 550 retail, healthcare, industrial, office and other properties in 40 states as of March 31, 2018, the REIT targets individual or portfolio acquisitions in the range of $ 5 million to $ 300 million. . There are currently over 2,700 shareholders in BNL, which is managed externally by Broadstone Real Estate, LLC. BNL remains open to new investments by accredited investors on a monthly basis, with a minimum direct investment of $ 500,000. The shares are offered directly by BNL via a private placement.

Visit the Broadstone Net Lease Inc profile for more information.

The daily solution

Pfizer Inc (NYSE: PFE) and BioNTech SE (Nasdaq: BNTX) announced Thursday that they have asked the United States Food and Drug Administration (FDA) to extend emergency use authorization for their COVID-vaccine. 19 to cover children aged five to 11.

Nissan Motor Co Ltd (OTC: NSANY) will suspend production at two Mexican factories for several days this month due to the continued shortage of semiconductor chips.

Home Depot Inc (NYSE: HD) partners with Walmart Inc (NYSE: WMT) to provide same-day and next-day deliveries of tools, paint, and other online shopping to customer doors.

About the New York Stock Exchange

The New York Stock Exchange is the world’s largest stock exchange by market value with more than $ 26 trillion. It’s also the leader in initial public offerings, with $ 82 billion raised in 2020, including six of the seven biggest tech deals. 63% of PSPC proceeds in 2020 were raised on the NYSE, including the six biggest deals.

To get more information about Broadstone Net Lease Inc and keep up with the latest company updates, you can visit the Company Profile page here: Broadstone Net Lease Inc. Profile For more information on financial markets, be sure to visit Equities News. Also, don’t forget to sign up for the Daily Fix to get the best stories delivered to your inbox 5 days a week.

Sources: The chart is provided by TradingView based on 15 minute lag prices. All other data is provided by IEX Cloud as of 8:05 p.m. ET on the day of publication.

DISCLOSURE:
The views and opinions expressed in this article are those of the authors and do not represent the views of equities.com. Readers should not take the author’s statements as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure, please visit: http://www.equities.com/disclaimer


United Airlines expands December schedule to 3,500 daily domestic flights


Moody’s sees long-term economic benefit from fuller racial integration

IBM makes COVID-19 vaccine mandatory for all U.S. employees by December 8

Pfizer-BioNTech Calls on FDA to Clear COVID-19 Vaccine for Children 5-11 Years of Age

Home Depot signs up for Walmart’s GoLocal delivery service

Nissan institutes work stoppages in Mexico for part of October

‘Pandora Papers’ Leak Reveals How World Leaders and Billionaires Protect Assets of Tax Collectors

New factory orders rise 1.2% in August, more than expected


Source link

]]>
https://lastjeudi.org/broadstone-net-lease-bnl-down-1-71-for-october-8/feed/ 0
Partnership to support future growth and innovation https://lastjeudi.org/partnership-to-support-future-growth-and-innovation/ https://lastjeudi.org/partnership-to-support-future-growth-and-innovation/#respond Thu, 07 Oct 2021 00:52:00 +0000 https://lastjeudi.org/partnership-to-support-future-growth-and-innovation/ New real estate deals have been signed by Epworth HealthCare and NorthWest Healthcare Properties REIT, adding to the existing strategic partnership between the two organizations. Epworth has agreed to the partial sale-leaseback of the Epworth Geelong building and adjacent land, as well as the leaseback of the Elim rehabilitation facility in Richmond. Epworth retains control […]]]>

New real estate deals have been signed by Epworth HealthCare and NorthWest Healthcare Properties REIT, adding to the existing strategic partnership between the two organizations.

Epworth has agreed to the partial sale-leaseback of the Epworth Geelong building and adjacent land, as well as the leaseback of the Elim rehabilitation facility in Richmond. Epworth retains control of the hospital functions at the sites and will work closely with NorthWest on development plans.

Similar long-term agreements with NorthWest are already in place at Epworth Freemasons, Epworth Camberwell and Epworth Eastern.

Dr Lachlan Henderson, chief executive of the Epworth Group, said the deal frees up capital, supporting long-term growth and innovation.

“The agreement allows Epworth to focus on focused growth, our ambitious digital agenda and innovation to deliver better outcomes for our patients, now and in the future,” said Dr. Henderson.

“It is important to note that our patient services will continue as normal. The strategic alliance with long term partner NorthWest means that Epworth can pursue its vision of creating a health district in Geelong and developing the neighborhood of Richmond for the benefit of our community.

“Our vision, Epworth 2025, underpinned by our new strategic plan, transformation plans and this partnership, ensures that we remain focused on delivering exceptional care to all Victorians.”

Mr. Craig Mitchell, President and CEO of Australia and New Zealand for NorthWest, said they would develop a multi-phased master plan for the future development of 4.2 hectares of land adjacent to Epworth Geelong and would examine development opportunities at Epworth Elim in Richmond.

“This is an exciting transaction for NorthWest as we expand our partnership with Epworth HealthCare to further improve health services for the people of Victoria,” said Mr. Mitchell.

“Both sites offer substantial opportunities for the future development of the healthcare facility, which is a key area of ​​expertise for the NorthWest company. “

Epworth remains responsible for providing exceptional care to the Victorians and our hospitals and sites will continue to operate as usual.

/ Public distribution. This material is from the original organization / authors and may be ad hoc in nature, edited for clarity, style and length. The views and opinions expressed are those of the author (s). See it in full here.


Source link

]]>
https://lastjeudi.org/partnership-to-support-future-growth-and-innovation/feed/ 0
Do you have $ 1,000? Here is 1 great stock to buy and keep https://lastjeudi.org/do-you-have-1000-here-is-1-great-stock-to-buy-and-keep/ https://lastjeudi.org/do-you-have-1000-here-is-1-great-stock-to-buy-and-keep/#respond Tue, 05 Oct 2021 21:54:07 +0000 https://lastjeudi.org/do-you-have-1000-here-is-1-great-stock-to-buy-and-keep/ IDoes money burn a hole in your pocket as you try to find a good dividend stock in today’s market? It is not an easy task, with the S&P 500 index still rising near record highs (despite recent volatility). But there is a worthy name that has rewarded investors through thick and thin. In fact, […]]]>

IDoes money burn a hole in your pocket as you try to find a good dividend stock in today’s market? It is not an easy task, with the S&P 500 index still rising near record highs (despite recent volatility). But there is a worthy name that has rewarded investors through thick and thin. In fact, it’s almost always a good time to add WP Carey (NYSE: WPC) to your wallet. Here’s why.

1. Consistency of dividends

It won’t surprise you, but 2020 has been a very difficult year for homeowners. However, WP Carey has weathered the turbulence associated with the pandemic. The worst thing for the Real Estate Investment Trust (REIT) was when it received 96% of the rent owed to it in May of last year. Today, she essentially collects all of her rents. Against this background, it shouldn’t be shocking to learn that the dividend has been increased in every quarter of 2020 and again in each of the first three quarters of 2021.

Image source: Getty Images.

But that’s just a small subset of a much longer streak. WP Carey has increased its dividend every year since its IPO in 1998. At this point, the payout has been increased for 24 years and three quarters, which puts it at just one quarter of 25 years in a row. In other words, he’s on the verge of becoming a dividend aristocrat – all that’s holding him back is one more dividend payout and the timeline moves to 2022.

The past 25 years or so include the dot-com implosion, the 2007-2009 financial crisis, and the 2020 pandemic. So WP Carey has clearly been successful in facing adversity while continuing to perform well. Today’s dividend yield, meanwhile, is an impressive 5.6%, higher than most of its closest peers and well above the 2.3% yield of the average REIT, using Vanguard Real Estate Index ETF as an agent. In other words, this REIT is a reliable high yield stock.

2. Opportunistic and active

One of the main reasons for WP Carey’s long term success is that management is always looking for ways to grow. The most recent example came in 2020 when, at the start of the pandemic, he announced that he was looking for industrial assets and warehouses to buy.

The reasoning was simple: Companies faced uncertainty and sought to raise cash to strengthen their balance sheets. And warehouses and industrial properties were likely to be huge beneficiaries of the ongoing transition to online shopping, a trend the pandemic has accelerated. This is the kind of thing you want the businesses you own to do.

But there is more to the story here, as WP Carey just happens to be one of the most diverse REITs you can find. The portfolio includes the industrial, warehouse, retail, office and self-storage sectors. And it has significant foreign exposure, most of which comes from its European assets. So the REIT really has the ability to put the money to work where it sees the best opportunities. Many of his peers focus on one or two niches.

It should also be noted that WP Carey is ready to sell assets. If someone is willing to pay for a property the REIT owns, they will take the profits and find new places to put the money. Recycling assets like this can sometimes make it look like performance is volatile, but it helps keep the portfolio strong and grow over the long term.

3. Conservative and protected

However, don’t be fooled into thinking that WP Carey is a REIT that runs and processes transactions. That’s far from being the case. The truth is, it’s pretty conservative, largely using a sale-leaseback approach in the net rental space. This means that he usually deals directly with companies that own and occupy properties. They sell them to WP Carey to raise money for things like expansion costs, then instantly sign a long-term lease because they still want to use the properties.

Better yet, they agree to pay most of the costs at the property level, leaving WP Carey (making it a bit simpler) to sit down and collect the rent. Net rental properties are generally considered to be low risk bond equivalents.

Chart showing WP Carey's rising price and dividend per share and a stable dividend yield.

WPC data by YCharts

This might worry you since inflation seems to be on the rise (inflation tends to be bad for bonds). However, it’s important to remember that WP Carey usually designs the leases that it takes. That’s why 60% of its leases are linked to the Consumer Price Index (CPI), with rental rates increasing with inflation over time. There is therefore significant protection against inflation, which makes the conservative net lease approach even safer for investors.

Sleep well at night

No investment is risk free, but when it comes to real estate investment trusts, WP Carey is as strong as it gets. The dividend record proves it, as does its opportunistic investment approach and the composition of its portfolio. If you have $ 1,000 to implement right now, this high yield REIT would be a great addition to your portfolio.

10 actions we prefer over WP Carey
When our award-winning team of analysts have stock advice, it can pay off to listen. After all, the newsletter they’ve been running for over a decade, Motley Fool Equity Advisor, has tripled the market. *

They just revealed what they think are the top ten stocks investors can buy right now … and WP Carey was not one of them! That’s right – they think these 10 stocks are even better buys.

See the 10 actions

* The portfolio advisor returns on September 17, 2021

Reuben Gregg Brewer owns shares of WP Carey. The Motley Fool owns stocks and recommends Vanguard REIT ETF. The Motley Fool has a disclosure policy.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


Source link

]]>
https://lastjeudi.org/do-you-have-1000-here-is-1-great-stock-to-buy-and-keep/feed/ 0
EFG Hermes E: Corp-Solutions signs EGP 750 million sale and leaseback agreement with Misr Italia Properties https://lastjeudi.org/efg-hermes-e-corp-solutions-signs-egp-750-million-sale-and-leaseback-agreement-with-misr-italia-properties/ https://lastjeudi.org/efg-hermes-e-corp-solutions-signs-egp-750-million-sale-and-leaseback-agreement-with-misr-italia-properties/#respond Tue, 05 Oct 2021 12:11:41 +0000 https://lastjeudi.org/efg-hermes-e-corp-solutions-signs-egp-750-million-sale-and-leaseback-agreement-with-misr-italia-properties/ EFG Hermes Corp-Solutions signs EGP 750 million sale and leaseback agreement with Misr Italia Properties This partnership marks a key element of EFG Hermes Corp-Solutions’ strategy to expand its service offering in the growing commercial real estate market. Cairo, October 5, 2021 EFG Hermes Corp-Solutions, one of Egypt’s leading leasing and factoring companies, today announced […]]]>

EFG Hermes Corp-Solutions signs EGP 750 million sale and leaseback agreement with Misr Italia Properties

This partnership marks a key element of EFG Hermes Corp-Solutions’ strategy to expand its service offering in the growing commercial real estate market.

Cairo, October 5, 2021

EFG Hermes Corp-Solutions, one of Egypt’s leading leasing and factoring companies, today announced that it has signed a sale and leaseback agreement with leading real estate development company Misr Italia Properties for the refinancing of its state-of-the-art Garden 8 Mall property in the amount of EGP 750 million.

Garden 8 Mall represents approximately 47,000 m2 of BUA and is home to premium brands for retail spaces and restaurants in New Cairo.

“Partnering with a real estate center such as Misr Italia Properties is an integral part of our strategy, which is reflected in the team’s continued efforts to build relationships with partners in key sectors to help them meet their needs. rapidly increasing financing needs, ”said the CEO of EFG. Hermes Corp-Solutions Talal Elayat. “The commercial real estate sector in Egypt continues to benefit from strong demand driven by strong retail growth, and we believe this is an attractive opportunity for us to add assets from high quality and income generating to our portfolio. ”

Misr Italia Properties is a leading Egyptian real estate developer specializing in luxury residential, commercial, hotel and administrative properties. Its developments include Il Bosco New Capital, Il Bosco City New Cairo, Vinci, La Nuova Vista, Kai Sokhna, Cairo Business Park, Garden 8 Mall, Vinci Street and The Vertical Forest at Il Bosco, the first of its kind in the Middle East. East and Africa.

“This new partnership with EFG Hermes Corp-Solutions is at the heart of our plan to generate significant revenue while essentially maintaining long-term control of the value-generating facilities,” said Mohamed Hany El Assal, CEO and Managing Director of Misr Italia Properties. “The agreement strengthens the deployment of capital in the company’s fastest growing areas to meet our agile expansion plans.”

EFG Hermes Corp-Solutions was established in 2020 as part of EFG Hermes’ Non-Bank Financial Institutions (NBFI) platform to consolidate its factoring and leasing business and provide large corporations as well as ” small and medium-sized enterprises (SMEs) a lever to develop and develop their businesses.

Properties of Misr Italia, Egypt’s leading real estate developer spanning the country with a variety of unique projects. MIP aims to change the perception of the ever expanding real estate market by listening to its clients, who have inspired MIP to stay at the forefront with innovative real estate solutions and designs. Based on a creative and innovative philosophy, MIP offers its clients market-leading projects that feature highly differentiated concepts and designs.

-Ends-

About EFG Hermès

With a current presence in thirteen countries on four continents, EFG Hermes started in Egypt and has grown over 37 successful years into a leading financial services company with access to emerging and frontier markets. With our proven track record and a team of more than 5,500 talented employees, we offer a wide range of financial services including investment banking, asset management, securities brokerage, research and financial services. investment capital to the entire MENA region.

In 2015, EFG Hermes launched the NBFI platform, EFG Hermes Finance, which oversees activities in the field of non-bank finance covering microfinance, leasing, factoring, Buy-Now Pay-Later (BNPL ), mortgage and insurance. This fits in with the company’s strategy to focus on two main pillars: product diversification and geographic expansion into non-MENA markets, which has enabled the company to establish a physical presence in Pakistan, Bangladesh, Vietnam, Kenya, Nigeria, UK and USA.

For more information, please contact:

EFG Hermès Media

media@efg-hermes.com

Mai El Gammal

Marketing & Communication Group Manager at EFG Hermes

melgamal@efg-hermes.com

About Misr Italy

Misr Italia Holding has been at the forefront of developing Egypt’s premier real estate market for years. He is known for providing prime projects for residential, commercial, coastal and hotel properties across Egypt. The company’s land reserve stretches across Egypt with 11 residential projects, nine commercial projects, five luxury hotels and 6,000 units delivered. Flagship projects include IL BOSCO, VINCI & VINCI Street in the new administrative capital, La Nuova Vista, Garden 8, Cairo Business Park and Hilton Garden Inn in New Cairo, Kai Sokhna and Hilton Ain El Sokhna, and IL BOSCO City in New Cairo .

Note on forward-looking statements

In this press release, EFG Hermes may make forward-looking statements, including, for example, statements regarding management expectations, strategic objectives, growth opportunities and business prospects. These forward-looking statements are not historical facts but represent only the belief of EFG Hermes regarding future events, many of which, by their nature, are inherently uncertain and beyond the control of management and include, among others, the volatility of financial markets ; actions and initiatives taken by current and potential competitors; general economic conditions and the effect of current, current and future laws, regulations and regulatory measures. Therefore, readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date on which they are made.

Disclaimer

EFG Hermes Holdings SAE published this content on 05 October 2021 and is solely responsible for the information it contains. Distributed by Public, unedited and unmodified, on 05 October 2021 12:08:03 PM UTC.


Source link

]]>
https://lastjeudi.org/efg-hermes-e-corp-solutions-signs-egp-750-million-sale-and-leaseback-agreement-with-misr-italia-properties/feed/ 0
New Morrisons Owner Has Plenty of Redemption Room | Nils Pratley https://lastjeudi.org/new-morrisons-owner-has-plenty-of-redemption-room-nils-pratley/ https://lastjeudi.org/new-morrisons-owner-has-plenty-of-redemption-room-nils-pratley/#respond Mon, 04 Oct 2021 18:18:00 +0000 https://lastjeudi.org/new-morrisons-owner-has-plenty-of-redemption-room-nils-pratley/ The auction for Morrisons was not worth the wait, but the mission to showcase Clayton Dubilier & Rice as the caring and far-sighted owner of the UK’s fourth largest supermarket chain continues to be in full swing. Andrew Higginson, president of Morrisons, has done his part by saying that private equity sometimes has “a bad […]]]>

The auction for Morrisons was not worth the wait, but the mission to showcase Clayton Dubilier & Rice as the caring and far-sighted owner of the UK’s fourth largest supermarket chain continues to be in full swing. Andrew Higginson, president of Morrisons, has done his part by saying that private equity sometimes has “a bad reputation” and generally derives its income from growing companies rather than “financial engineering”.

Top marks for the effort, but let’s not pretend that this deal, as initially structured, is markedly different from most debt-fueled buyouts. First, the behavioral commitments offered by the buyer – covering sale-leaseback agreements, staff compensation, and vendor treatment – do not deserve the hype they have received. They are vague and only last 12 months.

On possible transfers of ownership, for example, the new owner said he “had no intention of engaging in major store sale and leaseback transactions.” What is the definition of “material” in this context? No one ever explained.

As for avoiding financial engineering, it is difficult to know if this is seriously wanted. The takeover is worth around £ 10bn – £ 7bn in equity plus £ 3bn in debt already borrowed by Morrisons – and CD&R has talked about investing equity capital of around 3.4 billion pounds sterling. The debt could therefore rise to £ 6.6bn, which is a considerable sum to load for a company which made operating profits of £ 513m in its last pre-pandemic year. . This degree of leverage is normally a mark of the art of the financial engineer.

There will of course be a plan to reduce borrowing, but the money probably cannot be fully generated by running the business better (Morrisons was not badly run) or by opening convenience stores in all 900 stations- service belonging to the Motor Fuels group of CD&R. . Divestitures, most analysts believe, must be part of the scenario.

Yes, of course, there will be growth projects in addition. And, yes, CD & R’s reputation as a business builder exceeds that of most of its private equity peers. But, come on, this is still a leveraged buyout that relies on the gymnastics of debt, a fact that shouldn’t be lost amid the noise.

Sky Prepares Next Step in UK Fiber Expansion

Sky, now under the wing of US cable and media giant Comcast, about to upset BT’s plans to dominate fiber broadband in the UK?

Well, that won’t derail the rollout as BT has pledged to reach 25 million homes by 2026. But Sky has nuisance value due to its 6 million broadband customers. If it partnered with Virgin Media O2, BT’s only major excavation rival, the competitive dynamics would change. BT would remain the fiber leader in any likely projection of market share, but the challenger, in theory, would have greater financial confidence to install more fiber more quickly.

The Sunday Telegraph report that Sky could invest in Virgin Media’s O2 fiber network caused the BT stock price to fall 7% at one point on Monday, a big step for a stock that had already been low these days. last few weeks. The damage was contained to 4.7% at the end of the day, but the nervousness in the ranks of BT shareholders is understandable.

As of right, Sky would take a huge business gamble by committing solely to the Virgin O2 network, either as an investor or simply as a wholesale buyer of fiber capacity. It’s hard to believe that this would tie in so closely: an agreement with the two big fiber players always seems more likely. But the terms of any alliance with Virgin O2 would still be annoying for BT.

The smart solution, of course, is to get the fiber into the soil faster. It’s easier said than done.

The Next Boss Knows How To End The Supply Chain Crisis

The government speech last week said tensions in the supply chain had nothing to do with Brexit. The explanation for this week is that empty shelves and queues on forecourt are a necessary post-Brexit transition to a high-wage, high-productivity economy. The speed of the narrative rewrite is extraordinary.

By far the most sensible conservative voice on these issues is Simon Wolfson, chief executive of Next, who suggested in an Evening Standard column that the agony of immigration could be resolved by allowing companies to apply for as many visas as work that they need, but with two critical conditions. First, foreign workers could not be paid less than their British colleagues. Second, the employer should pay a 7% salary supplement to the Consolidated Revenue Fund.

It is an idea – in fact, a practical idea that could form the basis of a compromise to satisfy all parties. It is therefore assumed that he will not have a hearing this week in Manchester.


Source link

]]>
https://lastjeudi.org/new-morrisons-owner-has-plenty-of-redemption-room-nils-pratley/feed/ 0
Finnair moves forward with refinancing plan: four A350 sale-leaseback agreement closed for cash proceeds over USD 400m https://lastjeudi.org/finnair-moves-forward-with-refinancing-plan-four-a350-sale-leaseback-agreement-closed-for-cash-proceeds-over-usd-400m/ https://lastjeudi.org/finnair-moves-forward-with-refinancing-plan-four-a350-sale-leaseback-agreement-closed-for-cash-proceeds-over-usd-400m/#respond Fri, 01 Oct 2021 16:01:12 +0000 https://lastjeudi.org/finnair-moves-forward-with-refinancing-plan-four-a350-sale-leaseback-agreement-closed-for-cash-proceeds-over-usd-400m/ Along with Finnair’s efforts to emerge from the corona crisis, the company is continuing its refinancing plan and has finalized a sale-leaseback agreement for four of its Airbus A350s. In the deal, Finnair sold these planes – delivered between june 2017 and February 2019 – and rented them for his own exploitation. The duration of […]]]>

Along with Finnair’s efforts to emerge from the corona crisis, the company is continuing its refinancing plan and has finalized a sale-leaseback agreement for four of its Airbus A350s. In the deal, Finnair sold these planes – delivered between june 2017 and February 2019 – and rented them for his own exploitation. The duration of the operating lease is on average 12 years and the counterparties are GE Capital Aviation Services (“GECAS”) and Pacific Investment Management Company LLC (“PIMCO”) as donors; GECAS is the rental manager.

The agreement will not have a material impact on Finnair’s operating income for the third quarter of 2021; however, the immediate positive cash flow effect for Finnair is greater than 400 million US dollars. Finnair will use the cash to refinance existing debt and withdraw its unused revolving credit facility from 175 million euros.

“This is the largest aircraft financing transaction in our company’s history,” says Finnair CFO Mika Stirkkinen. “This is an important part of our refinancing plan, which we have diligently executed during the pandemic, and it helps us to further improve our capital structure.”

Finnair has ordered a total of 19 new A350-900 XWBs from Airbus, of which 16 have been delivered. The remaining three A350s are expected to be delivered in Q2 2022, Q4 2024 and Q1 2025.

The fleet operated and / or owned by Finnair is shown on the company’s website at https://www.finnair.com/gb/gb/flights/fleet and updated quarterly in the financial reports of the company.

FINNAIR SA

More information :

Finnair communications, 358 9 818 4020, comms@finnair.com

Distribution:

NASDAQ OMX Helsinki

Main media

Finnair is a network airline, specializing in connecting passenger and freight traffic between Asia and Europe by the small north road. Sustainability is at the heart of everything we do – Finnair intends to reduce its net emissions by 50% by the end of 2025 compared to the 2019 benchmark and achieve carbon neutrality no later than by the end of 2045. Finnair is a member of the oneworld alliance. Finnair plc the shares are listed on the Nasdaq Helsinki scholarship.

(C) 2021 Electronic News Publishing, source ENP press wire


Source link

]]>
https://lastjeudi.org/finnair-moves-forward-with-refinancing-plan-four-a350-sale-leaseback-agreement-closed-for-cash-proceeds-over-usd-400m/feed/ 0
Grand Gulf Report Card for Affordable and Reliable Electricity – F | Mississippi Politics and News https://lastjeudi.org/grand-gulf-report-card-for-affordable-and-reliable-electricity-f-mississippi-politics-and-news/ https://lastjeudi.org/grand-gulf-report-card-for-affordable-and-reliable-electricity-f-mississippi-politics-and-news/#respond Fri, 01 Oct 2021 12:27:00 +0000 https://lastjeudi.org/grand-gulf-report-card-for-affordable-and-reliable-electricity-f-mississippi-politics-and-news/ Submitted by Bigger Pie Forum When it comes to living essentials, affordable and reliable electricity would be near the top of most people’s list. Mississippi could have more affordable and reliable electricity if utility monopolies cared more about their customers than their shareholders. Concrete example – the Grand Gulf nuclear power plant. Entergy’s customers in […]]]>

Submitted by Bigger Pie Forum

When it comes to living essentials, affordable and reliable electricity would be near the top of most people’s list. Mississippi could have more affordable and reliable electricity if utility monopolies cared more about their customers than their shareholders. Concrete example – the Grand Gulf nuclear power plant.

Entergy’s customers in Mississippi, Louisiana and Arkansas pay for the Grand Gulf nuclear power plant in Port Gibson and receive most of the electricity it produces, when operational. Ranked the least performing nuclear power plant in the United States, Grand Gulf had a capacity factor of 72% in 2020, compared to the nuclear industry average of 94%.

When Grand Gulf is offline, Entergy must purchase electricity from other entities, which is more expensive than generating it in Grand Gulf. This additional cost is passed on to its customers, who are also billed for Grand Gulf’s ongoing fixed costs even when it is inactive.

Last July, Moody’s lowered the financial outlook for the Entergy subsidiary which owns Grand Gulf from stable to negative due to legal challenges the company is facing. This means higher interest charges for Grand Gulf which will be passed on to its customers. (Grand Gulf is owned by Subsidiary-Systems Energy Resources, Inc. or SERI)

Legal challenges involve both federal and state regulators. First, a federal administrative law judge ordered Entergy to reimburse more than $ 500 million to its clients over a sale-leaseback complaint filed by state regulators in Mississippi, Louisiana, and service commissions. Arkansas public. A majority of federal commissioners must first approve the judge’s order for reimbursement.

A second complaint filed with federal regulators by states claims excessive costs and damages exceeding $ 360 million paid by customers for reckless Grand Gulf operations from 2012 to 2020. State regulators have also called for an investigation into the caution of Grand Gulf’s $ 800 million expansion initiated in 2012.

Grand Gulf receives a fail grade if the goal is affordable and reliable electricity for its customers. This is supposed to be the goal of the civil service commission which regulates the monopoly of public services. This structure seems to be able to be improved as evidenced by these legal complaints. It seems that a proactive structure instead of a reactive structure would better serve the interests of clients.

In some states, a consumer advocate with in-depth knowledge and understanding of the energy industry oversees the interests of customers. If Mississippi had a consumer advocate, how more affordable and reliable would your electricity be?

###

Submitted by Bigger Pie Forum – Promoting Market-Driven Economic Growth for a Bigger, Brighter Mississippi. Learn more about BPF here.


Source link

]]>
https://lastjeudi.org/grand-gulf-report-card-for-affordable-and-reliable-electricity-f-mississippi-politics-and-news/feed/ 0
Lordstown Motors will work with Foxconn, a subcontractor https://lastjeudi.org/lordstown-motors-will-work-with-foxconn-a-subcontractor/ https://lastjeudi.org/lordstown-motors-will-work-with-foxconn-a-subcontractor/#respond Thu, 30 Sep 2021 22:54:46 +0000 https://lastjeudi.org/lordstown-motors-will-work-with-foxconn-a-subcontractor/ Lordstown Motors, a struggling electric truck maker, said Thursday it had reached an agreement in principle to work with Foxconn, a contract maker best known for assembling Apple’s iPhone, to develop its vehicles and could eventually sell its Ohio plant to the Taiwanese. business. Lordstown said the sale of the plant could be valued at […]]]>

Lordstown Motors, a struggling electric truck maker, said Thursday it had reached an agreement in principle to work with Foxconn, a contract maker best known for assembling Apple’s iPhone, to develop its vehicles and could eventually sell its Ohio plant to the Taiwanese. business.

Lordstown said the sale of the plant could be valued at $ 230 million. Lordstown is struggling to mass-produce a highly anticipated pickup truck called Endurance. The company is strapped for cash after depleting much of the roughly $ 700 million it raised from investors during its merger last October.

The deal talks were reported earlier by Bloomberg. The report sent Lordstown shares soaring more than 8% in Thursday’s trading.

The company said it would continue to use the factory to manufacture the Endurance by leasing rear space from Foxconn if the sale goes through. Foxconn would then offer employment contracts to certain Lordstown manufacturing employees. Distressed businesses often resort to sale-leaseback arrangements to raise funds.

Lordstown said the agreement in principle was “non-binding and subject to negotiation”. Foxconn has dramatically slashed a plan to build a manufacturing complex in Wisconsin that was announced several years ago.

The proposed deal would essentially have Lordstown rely on Foxconn to mass-produce its planned electric truck.

Lordstown telegraphed for months that he hoped to use his factory in the town of Lordstown, located between Cleveland and Pittsburgh, in this way. But some analysts have said the company would need a lot more money, potentially hundreds of millions of dollars, to make its truck commercially viable.

In August, the company said it was looking to make room to “accommodate additional manufacturing partners” at the 6.2 million square foot plant, which it acquired from General Motors for about 20 million. of dollars. On its website, Lordstown presents the plant as the “epicenter of electrification” in the “heart of America”.

Lordstown said in June it would produce 1,000 trucks by the end of the year. Then, in August, the company said it expected only “limited production” by the end of September. On Thursday, the company said it would spend the rest of the year and “the first part of 2022” manufacturing vehicles for “testing, validation, verification and regulatory approvals” – in other words, trucks not intended for sale to customers.

The company faces problems in addition to its financial challenges. Securities regulators and federal prosecutors are investigating whether Lordstown and its former chief executive Steve Burns overstated demand for his truck in public statements, potentially misleading investors about the financial health and outlook of the company.

Lordstown also faces intense competition from other start-ups like Rivian, who started produce electric vans for customers two weeks ago, and from established automakers like Ford Motor and GM, which plan to start selling electric trucks in the coming months.

It’s no surprise that Lordstown is looking to sell its factory given the Wall Street and real estate background of David Hamamoto, a board member and driving force behind the merger that has attracted the start-up audience l ‘last year.

Mr Hamamoto, a former Goldman Sachs executive who formed a real estate investment company called NorthStar, was one of the founders of the specialist acquisition company that merged with Lordstown last October.

This acquisition company, DiamondPeak Holdings, had initially planned to acquire a private company in the real estate sector. The deal with Lordstown began to materialize in June 2020 as Mr Hamamoto and his team faced a deadline to strike a deal or risk the prospect of returning the money he raised from investors during the ‘an initial public offering. Acquisition companies like DiamondPeak, which Mr. Hamamoto made public in early 2019, normally have two years to find a merger partner.

As it turns out, acquisition companies have been all the rage on Wall Street for the past two years, raising more than $ 190 billion from investors. But these companies have come under intense scrutiny from regulators and prosecutors, as the deals they engage in are often structured in such a way as to favor early-stage investors. In addition, the executives involved in the acquisition companies and their buyout targets have made bold statements about their business prospects when trying to win over investors.

Lordstown said investigations by the Securities and Exchange Commission and federal prosecutors also focused on the events surrounding its merger with DiamondPeak.

The tentative deal with Foxconn comes at a fortuitous time for Mr. Hamamoto. The merger deal had prevented him from selling his shares in the company until the transaction’s closing anniversary in October 2020. Mr. Hamamoto did not respond to a request for comment.

Yet even with news of the Foxconn deal, Lordstown shares are trading well below the high of $ 31 per company share and the $ 10 price at which DiamondPeak went public.

As part of the deal, Foxconn agreed to buy $ 50 million worth of Lordstown shares at a price of $ 6.89.

Daniel Ninivaggi, CEO of Lordstown, said in a statement that the partnership “would allow Lordstown Motors to take advantage of Foxconn’s extensive manufacturing expertise.”

Mr Ninivaggi, who has been in office for just over a month, said in an interview Thursday that he expected the deal to be concluded by April 30 and that he was confident that ‘this was a “strategic priority” for Foxconn. He described the potential as a “business model shift” for Lordstown from a focus on manufacturing to a focus on design, innovation and sales. Mr. Ninivaggi rejected the idea that this is primarily a real estate transaction.

“We don’t see this as a real estate transaction. The strategic component was more important to us, ”he said. “The key to the success of this factory is to fill it. “

Lordstown Mayor Arno Hill said he was not given advance notice of the Foxconn deal but would see it as a positive development for a community that has lost around 1,500 jobs when GM idled the plant in 2019.

“You would have someone who would come with deep pockets to be able to fund it,” he said. “It would be a good thing for us.

The acquisition of the Lordstown plant could advance Foxconn’s hopes of expanding into automotive production from its core business of assembling electronic components. The company, which has large operations in China, this year announced an agreement to produce electric vehicles with Fisker, another start-up. In May, Foxconn also announced a partnership with Stellantis, the company created by the merger of Fiat Chrysler and Peugeot of France, to develop “next generation” dashboards and touch screens for cars.

But Foxconn has had an uneven history in the United States. In 2017, the company and President Donald J. Trump announced they would invest $ 10 billion in a Wisconsin plant that would employ at least 13,000 people. But after years of little field activity, Foxconn has cut that plan sharply. This year, the company said it would invest less than $ 1 billion in a factory that would employ fewer than 2,000 people by 2026.

Lordstown also got a boost from Mr Trump, who said the start-up would help save and create manufacturing jobs in eastern Ohio. During the 2020 presidential campaign, he invited Mr. Burns to Washington to display Endurance at an event on the White House lawn.



Source link

]]>
https://lastjeudi.org/lordstown-motors-will-work-with-foxconn-a-subcontractor/feed/ 0