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Newspapers and Periodicals Printers and Publishers
News Release from: Polestar
Edited by the Printingtalk Editorial
Team on 04 June 2004
Polestar Generates £15.5m With Sale
And Lease Deal
The Polestar Group has completed a sale-and-leaseback deal on the Polestar Petty offices, manufacturing and warehouse facilities in Leeds (UK).
The Polestar Group has completed a sale-and-leaseback deal on the Polestar Petty offices, manufacturing and warehouse facilities in Leeds (UK) Investment firm W
This article was originally published on Printingtalk on 24 Mar 2004 at 8.00am (UK)
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P.
Carey has acquired the property for approximately £15.5 million ($27.7 million).
Under the terms of the transaction, Polestar will maintain control of the facility, which is currently being developed as the largest web-offset printing site in the U.K, under a 25-year triple-net lease, with options to retain operating control for longer.
Peter Johnston, group finance director of the Polestar Group, said: " W.
P.
Carey is providing a financing solution that is consistent with Polestar's policy of applying its financial resources to investment in printing equipment rather than in land and buildings.
This transaction will allow the group to develop its printing facilities and strengthen its commitment to its customer base." Edward V.
LaPuma, W.P.
Carey's international chief investment officer, said: "This transaction represents our commitment to providing financing solutions to companies around the world looking to grow and expand their businesses.
We were pleased to have worked with Polestar in securing this financing.
Additionally, this is another example of private equity capitalising on what is becoming an increasingly popular trend throughout Europe in the outsourcing of their real estate needs." W.
P.
Carey has a portfolio of managed properties in England that consists of more than 1.5 million square feet.
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