REAL ESTATE

Alice + Olivia, from pop-up to permanent in Manhattan

BY Michael Fickes

New York — Faith Hope Consolo, chairman, and Joseph Aquino, executive VP of Douglas Elliman’s Retail Group have arranged a multi-level Soho flagship for Alice + Olivia By Stacey Bendet at 98 Greene Street between Spring and Prince Streets.

Buoyed by the success of the temporary Greene Street shop opened last winter, Alice + Olivia will now share a permanent shop on the street with Stella McCartney, Louis Vuitton, Dior, Tiffany & Co. Anna Sui, Chloe, Jill Stuart and Etro, among others.

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REAL ESTATE

ARCP acquires Cole for $11.2B

BY Michael Fickes

New York — American Realty Capital Properties has acquired Cole Real Estate Investments for $11.2 billion, creating the world’s largest net lease real estate investment trust, with an enterprise value of $21.5 billion.

ARCP has secured $2.75 billion in fully committed financing from Barclays. The loan is expected to close in the first half of next year.

Updated ARCP pro forma 2014 guidance indicates that adjusted funds from operations will move from $1.13 to $1.19 per share, compared with 2013 guidance of $0.91 to $0.95 per share.

The target payout ratio is 85% to 90%. Upon closing, the ARCP dividend per share will increase to $1.00.

The merged company will be 64% larger than the closes comparable net lease REIT. Size and scale will create operating and revenue efficiencies, including lower cost of capital, superior growth opportunities and higher investor returns.

In addition, the merged portfolio will be 99% leased and feature diversification by asset type, tenancy, industry and geography. Forty-seven percent of tenants will be investment grade. The average remaining lease term will be 11 years.

The combined portfolio will include 3,732 properties leased to more than 600 tenants occupying over 100 million sq. ft. in 49 states and Puerto Rico.

The transaction will also enable ARCP to deleverage significantly, with the net debt to EBITDA ratio declining from 9.1 X to 7.7X by the end of 2014.

Under the terms of the merger agreement, Cole will merge with and into a wholly owned subsidiary of ARCP. Cole stockholders may elect to receive 1.0929 shares of ARCP common stock (reflecting a fixed exchange ratio) or $13.82 in cash for each share of Cole common stock.

The transaction agreement has been unanimously approved by the board of directors of each company and is subject to customary closing conditions, including stockholder votes by both companies.

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News

Shopko expands footprint in November

BY CSA STAFF

Shopko continues to make good on its growth initiative with the opening of five new Shopko Hometown stores in November.

The retailer opened the doors Monday to three Shopko Hometown stores in Ellsworth, Wis.; St. Peter, Minn.; and Winneconne, Wis. Two more openings are planned on Nov. 11 for Afton, Wyo., and Tomahawk, Wis. Shopko operates 330 stores in the Midwest, North Central, Mountain West and Pacific Northwest regions, including — with the five new locations — 180 Shopko Hometown stores.

"We’re excited to continue the growth of the Shopko Hometown concept with these new stores and expect them to be well-received by residents in each of these five great communities," Shopko interim CEO and COO Mike Bettiga said. "We understand that consumers in smaller towns want convenient access to the same variety of high-quality goods and on-trend merchandise without having to travel a good distance from their community. Our Hometown customers tell us they appreciate the vastly improved shopping experience and access to a broad, differentiated selection of merchandise, including products and brands previously not available to them locally."

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