Search
 

Carey Buys Danka Properties in $31M Sale-Leaseback Deal

ORLANDO-The New York-based corporate property financier bought three of the St. Petersburg, FL-based photocopy supplier's buildings totaling 337,000 sf for about $93.18 per sf.

By Alex Finkelstein | Updated on October 07, 2002

ORLANDO-New York-based W.P. Carey & Co. LLC has acquired Danka Business Systems PLC’s two office buildings and a warehouse aggregately totaling 337,000 sf in St. Petersburg, FL for $31.4 million or about $93.18 per sf.

It was a deal Danka had to make and the sort of sale-leaseback deal Carey has been making for 29 years. Danka is leasing back the properties under a 15-year, triple net lease until it can build its global headquarters in St. Petersburg.

“Danka came to us with two requests,” Carey vice president Alistair Calvert says in a prepared statement. Danka needed “to raise capital to pay off a tax retention operating lease and to provide financing for the completion of their worldwide headquarters.” Calvert says Carey “successfully accommodated both (needs) in a single transaction.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.