Sales & Lease Back FUND

eSTRATELIS ADVISORS

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eSTRATELIS

Asis$endo)la)toma)de)decisiones)

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News Sales & Lease Back Fund

!

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Sales & Leaseback

No hay duda que los tiempos son duros y que las compañías han de buscar instrumentos que les permitan ser más competitivas y poder avanzar en momentos tensos de tesorería o ventas.

Desde eSTRATELIS, queremos dotar a nuestros clientes de algunos de esos instrumentos.

La idea de vender un activo y poderlo alquilar de inmediato, es una operación que permite obtener liquidez a la compañía. El Sales & Leaseback supone además una optimización en lo que a impuestos se refiere, ya que el leasing, es tipo de financiación de bienes de equipo, que nos permite una deducción fiscal mayor.

Es por eso, que en los últimos días desde eSTRATELIS, hemos recibido y firmado el encargo por parte de un Fondo especializado en operaciones de Sales & Leaseback Americano.

Su mercado objetivo, son aquellas empresas en las que los propietarios, sean los mismos ocupantes de la propiedad. Suelen ser empresas con negocios establecidos y que puedan necesitar fondos para su expansión, inversión de capital, circulante o para reestructurar su deuda bancaria.

Su análisis del riesgo, se centra principalmente en la situación financiera del inquilino, el plan de negocio, las perspectivas futuras y la importancia estratégica de la propiedad de la empresa, en lugar de la calidad de la propiedad o su ubicación en sí.

Mediante dicho fondo podemos ofrecer a nuestros clientes, operaciones a partir de 10 Millones de Euros en inmuebles.

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LeaseBack Fund

1. Introduction

2. History

3. Recent Transactions

4. Sale & Leaseback

5. Build-‐to-‐Suit

6. Investment Criteria

Royal Institution of Chartered Surveyors.

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1. INTRODUCTION

This document is written in order to provide a brief summary on financing opportunities, specifically accessible through The Fund. The Company, have instructed to the Fund to source potential sale & leaseback & build-‐to-‐suit opportunities across UK and Europe on their behalf. Opportunities are not geographically limited to any one country or property.

Transactions are typically classic sale and leasebacks: the acquisition of owner-‐occupied properties with the simultaneous creation of brand new “triple-‐net” leases of long duration (typically 20 years) in favour of the single tenant occupier. They see themselves as providing an alternative form of corporate finance for businesses; they rarely invest in existing property investments.

Their target market is corporate owner-‐occupiers of property. These are typically companies with established businesses needing to raise funds for expansion, for capital investment, working capital needs or to repay or restructure bank debt. The property which they lease back on a long-‐term basis to the corporate tenant is often secondary or tertiary in location, special purpose or industrial. Such a broad appetite for property types allows them to provide financing for assets that the traditional “real estate investor” would not consider.

Their analysis of the risk is focused primarily on the tenant’s financial condition, business plan and prospects and the strategic importance of the property to the business, rather than the property quality or locationitself.

2. HISTORY

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The Company. History The Company is an investment management company that provides long-‐term sale-‐leaseback and build-‐to-‐suit financing for companies worldwide and manages a global investment portfolio approaching $10 billion. Publicly traded on the New York Stock Exchange, the company series of income-‐generating, non-‐traded REITs help companies release capital tied up in real estate assets. Now in their 36th year, the Group’s investments are highly diversified, comprising contractual agreements with more than 275 tenants spanning 28 industries and 15 countries.

Why The Company? 1. Each transaction to meet the individual requirements of the client.

2. With more than $5 billion in equity capital and an in-‐house underwriting process, have the ability to close transactions and provide financing world-‐wide in as little as 15 days.

3. Develop and sustain long-‐term relationships with their tenants. Many tenant companies have completed follow-‐on transactions – some as many as six or seven. Companies in need of fresh capital in the current market often find their capital cheaper and easier to access than high yield debt, second lien bank finance or even working capital facilities. This is particularly true for companiesin out-‐of-‐favour industries or those with an already leveraged capital structure. The Funds are more cost effective than private equity or venture capital and their transactions are less onerous to execute and involve a less complex business relationship post execution. The Company can move quickly and are a long term investor with a time horizon of 10 years plus.

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Recent transactions

Over the past 15 months, The Company have completed the following sale leaseback transactions in Europe.

With the Fund, some customers done :

1. December 2010 acquired a portfolio for €155 million ($207 million) of six logistics properties, located across the Netherlands, which will be leased back to C1000 under a long term triple net lease.

2. Acquired the headquarters of the largest provider of digital pay television, for a total consideration of approximately €86 million ($113 million)

3. August 2010 – The Fund provided build to suit financing for a facility to be built for Panattoni Europe and leased by Neuca SA in Poznan, Poland.

4. June 2010 – The Fund completed the sale leaseback of two warehouse logistics facilities, for €46 million ($55 million) in June, following a €74 million ($104 million) sale leaseback that was completed over two tranches in February 2010 and December 2009.

5. April 2010 – The Fund acquired two office and logistics facilities in Croatia. The transaction was the first in Croatia and was for a total consideration of €77 million ($101 million).

6. May 2010 – The Fund completed a £24 million ($37 million) sale leaseback transaction with TDG Limited for a portfolio of cold storage facilities.

7. October 2009 – The Fund entered into a sale leaseback transaction with the OBI Group totalling approximately €10 million ($15 million).

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Sale & leaseback

What is sale & leaseback financing?

Sale-‐leaseback is a form of financing in which a company sells its real estate for cash

and simultaneously signs a long-‐term lease with the buyer.

Sale-‐leasebacks enable companies to realize 100 percent of the true market value of their corporate facilities and re-‐deploy that capital into their core business.

Consider the following: Challenge

Company seeks financing for recapitalization, refinancing, an acquisition, shareholder distributions or growth:

Solution

100 percent full market value of real estate paid in cash

Long-‐term operational control of corporate facilities

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Sale & leaseback advantages

Immediate access to capital

100 percent market value realization of otherwise illiquid assets

Potential to keep transaction off balance sheet

Continued operational control of facilities

Increased Return on Assets (ROA)

Increased Return on Invested Capital (ROIC)

Increased borrowing capacity through strengthened balance sheet

Innovative financing for

Debt Reduction

Mergers & Acquisitions

Leveraged/Management Buyouts

Corporate Restructuring/Exit Financing

Acquiring additional facilities, technology and equipment to grow the business

Constructing new facilities

Transition out of a synthetic lease, mortgage, or other binding debt instrument

Matching long-‐term assets with long-‐term liabilities

Previous & exisiting corporates

Throughout their 35 year history businesses ranging from middle market companies to large enterprises have found it advantageous to lease their facilities from The Company, including:

Xerox; FedEx; Carrefour; U-‐Haul; Eroski; Del Monte; Pohjola; OBI; Tesco, Marriott and Thales

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Build to suit

What is build to suit financing?

Build-‐to-‐Suit financing is a form of sale-‐leaseback financing that enables companies to expand an existing facility or construct a new facility at a different location.

Rather than purchase an existing property as in a traditional sale-‐leaseback,The Company finances the construction of the new facility or expansion.

Consider the following: challenge A growing company seeks to expand its existing facility or construct a new facility at a different location.

Solution

New facility built to expanding company’s growing needs

Long-‐term operational control of the new facility q Royal Institution of Chartered Surveyors.

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Investment Criteria Property types

Office

Industrial & Manufacturing

Warehouse/Distribution

Retail

Other (schools, laboratories)

Occupancy

Single-‐tenant

Industries Agricultural; Automotive; Biotech; Bottling; Building Products; Distribution; Education; Food & Beverage; Health Clubs & leisure, Hotels, General Industrial; Manufacturing; Packaging; Pharmaceuticals; Retail; Self-‐Storage; Technology

Investment requirements

1. Purchase Price: £10 million to £500 million

2. Structure: Single-‐tenant, single property or portfolio, single-‐ or multi-‐jurisdictional – leased for a period of 15 years plus with renewal options.

3. Return: Each opportunity must achieve a return at year between 8 and 9.00%.

eSTRATELIS C/ Modolell 23 Tel: 93 241 97 48 Cp: 08021 Barcelona www.estratelis.com [email protected]

Documents

Sales & Lease Back FUND