Hints and tips:
...Asda’s latest set of accounts, for the year to December 2019, showed no external debt and almost £3.5bn of freehold property assets....
...During the bidding process, CD&R pledged not to engage in “material” sale and leaseback transactions on the group’s predominantly freehold store estate....
...These commitments include not selling the group’s large freehold store estate, honouring existing commitments to pay front-line staff £10 an hour and strengthening guarantees for the Morrisons pension scheme...
...CD&R has ruled out “material” sales and leasebacks of Morrisons’ numerous freehold properties. It knows the value of not paying rents. That puts the focus on lifting earnings....
...as the bidding war has heated up, analysts have expressed doubts that either suitor could make a significant financial return on the company without selling off assets — possibly including some of its freehold...
...Many of THG’s freehold property assets have been transferred to companies controlled by Moulding through Guernsey-domiciled Moulding Capital Ltd (MCL)....
...They also drew comparisons with Asda, the UK’s third-largest supermarket chain with a similarly high level of store freeholds, which was sold to petrol station billionaires Zuber and Mohsin Issa and private...
...Analysts have long speculated that the group might fall to a bidder attracted to its cash generation and, like third-placed Asda, a high proportion of freehold stores....
...Its last set of accounts, for the year to December 2019, showed no external debt and almost £3.5bn of freehold property assets....
...In the year to December 2019, its accounts showed no external debt and almost £3.5bn of freehold property assets. “That’s the point of a leveraged buyout,” we hear (some of) you cry....
...The bid from Couche-Tard follows a plan announced on Monday by Caltex to undertake an initial public offering of up to a 49 per cent stake in 250 core convenience retail freehold sites....
...H/2 may still take on the company’s 185 freehold homes....
...However, the companies are now burning cash for an uncertain period and the market for freehold assets may be less favourable than pre-COVID-19....
...Via Bloomberg: Moderna Inc. said its experimental vaccine for Covid-19 could be available to a select few as soon as this fall, ahead of expectations for a commercial release in a year....
...The freehold for the site was originally bought in 2010 from the UK Crown Estate, with the majority of it becoming vacant in early 2013, making it available for refurbishment....
...During its life as a quoted company, House of Fraser released hundreds of millions of pounds through sale and leaseback deals on its freehold stores....
...Investors will also note some other big financial benefits: the deal should reduce Sainsbury's lease-adjusted debt position, enabling it to benefit from Asda's high freehold property ownership and pension-free...
...This modest move upmarket will cost more than £300m annually, partly because Sports Direct prefers to own the freeholds to its stores....
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...Also, in most of Asia, your building is on a leasehold, while in Korea most of the property is freehold. You can own property as a foreign entity full stop....
...Woolworths said it will acquire three freehold sites and take assignment of 12 leases to facilitate a complete exit by Lowe’s....
...The industry’s predictable cash flows (sometimes backed by freehold property) are attractive to lenders, providing opportunities for financial engineering....
...Targeted at properties with long-term income streams, it owns 28 freeholds including the Alton Towers theme park, Thorpe Park and 21 private hospitals valued in June at close to £1.5bn....
...The 1.7-acre site fetched £120m more than the guide price and three times what the police paid for the freehold in 2008....
...Mr Brooke says Mount Street, where the majority of freeholds are owned by the Grosvenor Estate, also had an independent feel initially....
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