REIT in $47m sale leaseback.CNL Income Properties CNL Income Properties is an unlisted Real Estate Investment Trust, a division of CNL Financial Group. The company buys resort properties across the nation, but has no day-to-day management involvement in the properties it owns. Inc., a real estate investment trust (REIT REIT See: Real Estate Investment Trust REIT See real estate investment trust (REIT). ) focused on leisure and lifestyle properties, and Boyne USA Boyne USA is the third largest owner and operator of ski and golf resorts in the United States. The company owns and/or operates properties in the U.S. states of Michigan, Montana, Washington, Maine, New Hampshire, Florida, Tennessee, and Utah, and the Canadian province of British , Inc., the largest, privately owned four-season resort company in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. , announced a $47.5 million agreement that calls for the REIT to acquire and leaseback to Boyne two leisure properties. The properties are Cypress Mountain, a ski resort in British Columbia; and Gatlinburg Sky Lift, a scenic chairlift in Gatlinburg, Tenn. The transaction is expected to close by the first quarter of 2006. CNL Income Properties will own 100 percent of the properties. Boyne USA will continue to operate both properties under a 20-year lease. "Our investment strategy is driven largely by identifying and partnering with strong operators in each lifestyle property category," said CNL CNL CityNightLine (German Rail) CNL Cancel CNL Clinical Nurse Leader Cnl Colonel CNL Center for Naval Leadership CNL Compensated Neutron Log (oil industry) Income Properties' President Byron Carlock. "Boyne USA and the Kircher family fit that profile and we look forward to growing our relationship with them in the future. We are especially pleased to team up with Boyne in Canada in advance of the 2010 Olympics." |
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