Carey, Bon-Ton Ink Six-Store SLB
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Bon-Ton operates 270 stores under a variety of nameplates.
NEW YORK CITY—A six-property sale-leaseback agreement between the W. P. Carey Inc.-sponsored CPA:17 – Global and Bon-Ton Stores marks the latest in a long series of transactions between WPC and the York, PA-based retailer. Valued at $88 million, including acquisition fees, the sale will enable BONT to repay one of two mortgage loan facilities due in April 2016.
“Bon-Ton has built a strong track record of tenancy with W. P. Carey since our first transaction 18 years ago,” saysGino Sabatini, managing director of the net lease REIT. “We are delighted to extend our long relationship with the company by providing them with capital to refinance these properties. Given the criticality of these retail stores to Bon-Ton’s ongoing operations, an attractive yield on the investment and the inclusion of annual CPI adjustments, we believe the investment is a valuable addition to the CPA:17 – Global portfolio.” Launched in 2007, CPA: 17 – Global is one of a series of non-tradedREITs which WPC has sponsored…
Carey, Bon-Ton Ink Six-Store SLB
