REAL ESTATE

Domino’s plans Paraguay expansion

BY Dan Berthiaume

Ann Arbor, Mich. – Domino’s Pizza is opening its first store in Paraguay. Grupo Vierci, master franchisee for Domino’s Pizza Paraguay, plans to open three new stores in the Asuncion area of the country by the end of May 2014.

"Establishing ourselves in Paraguay, and the city of Asuncion, provides an excellent opportunity for our brand to continue its global momentum," said Ritch Allison, Domino’s Pizza executive VP of international. "With a terrific, proven master franchisee like Grupo Vierci, we are confident that Domino’s will be able to establish itself as the pizza delivery brand of choice for Paraguay."

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REAL ESTATE

Mind-Body Studio takes 7th Manhattan location

BY Michael Fickes

New York — An ~exhale MINDBODYSPA has leased 3,027-sq.-ft. location in Manhattan’s Flatiron District, where Flatiron and Chelsea meet. It is a strong retail neighborhood with national fashion and specialty retailers along Fifth Avenue including Anthropologie, J.Crew, Club Monaco, kate spade, Nike, Intermix and Sephora. There are larger format retailers in the area, too: Bed Bath & Beyond, The Container Store, Sports Authority, Staples, Men’s Wearhouse, Trader Joe’s and Marshalls along Sixth Avenue.

The ground floor will house the spa’s seventh Manhattan location. RKF represented ~exhale in the transaction, which involved a sublease with the existing tenant and a lease extension from the landlord, Fifth Partners.

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REAL ESTATE

DDR sell all of its Brazil holdings for $344 miilion

BY Michael Fickes

Beachwood, Ohio — DDR has signed a letter of intent to sell its 50% ownership interest in Sonae Sierra Brazil BV Sarl, a Luxembourg company, to Alexander Otto and his affiliates for $343.6 million. DDR’s interest in SSB BV Sarl represents the company’s entire investment in Brazil. The gross proceeds of $346.6 million include $283 million from the negotiated price of R$26.00 per share of SSB, a 67% premium to the closing price on the IBOVESPA as of March 7, and DDR’s stake in Parque Dom Pedro, valued at $60.7 million. Plans call for the sale to close within the next 30 days.

The SSB portfolio consists of ten regional malls totaling 4.6 million sq. ft. During DDR’s period of investment, four of the ten malls were developed, three of which were recently opened. DDR’s original investment in 2006 was $147.6 million, with an additional $52.6 million funded from 2007 through 2009. At the expected sale price, DDR’s IRR on its investment in Brazil is in excess of 10%. As a result of the sale, DDR’[s pro rata share of NOI from consolidated assets will increase from 89% to 93%.

DDR intents to use the proceeds from the sale for general corporate purposes, including reinvestment in prime shopping center acquisitions and redevelopments in major U.S. markets.

As a result of the timing difference between this transaction and the reinvestment of the proceeds, as well as an acceleration of domestic disposition plans, DDR is lowering 2014 operating FFO guidance from $1.17 to $1.21 per diluted share, to $1.14 to $1.18 per diluted share, representing year-over-year growth of 5% at the midpoint.

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