WP Carey inks $90m retail deal.W. P. Carey & Co. LLC (Logical Link Control) See "LANs" under data link protocol.LLC - Logical Link Control announced that two of its publicly held non-traded REIT REIT See: Real Estate Investment Trust REIT See real estate investment trust (REIT). affiliates CPA (Computer Press Association, Landing, NJ) An earlier membership organization founded in 1983 that promoted excellence in computer journalism. Its annual awards honored outstanding examples in print, broadcast and electronic media. The CPA disbanded in 2000. [R]: 16-Global and CPA[R]:--17 have provided $90 million in alternative long-term financing Long-term financing Liabilities repayable in more than one year plus equity. for supermarket giant, Tesco plc, through the sale and leaseback sale and leaseback The sale of a fixed asset that is then leased by the former owner from the new owner. A sale and leaseback permits a firm to withdraw its equity in an asset without giving up use of the asset. Also called leaseback. of Tesco's Hungarian logistics portfolio. The transaction is the latest phase in Tesco's ongoing program to release value from its property portfolio. It is the largest and first significant investment deal in Hungary, in 2009. Tesco is the world's third largest retailer. It employs nearly 470,000 people across 4,300 stores worldwide. Jeffrey Lefleur, director for W. P. Carey, noted, "We are very pleased to have proven our capacity as a global sale-leaseback financing provider, particularly as the capital markets remain quite difficult. "Given our risk management-driven investment strategy and portfolio diversification criteria, we could not have asked for a more suitable counterparty than a market-leading company like Tesco for our first deal in Hungary." Tesco was represented by Cushman & Wakefield. W. P. Carey was advised by King Sturge. |
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