Search
 

Record-Breaking CTL Deal Ends 2006

The nearly $1.28-billion securitization of 340 CVS Corp. drugstore properties closed on Dec. 11, 2006, according to information from Moody's Investors Service. The $1.3-billion sale-leaseback of assets, either owned or ground leased that resulted in the 144A securities offering, is believed to be the largest retail sale-leaseback in US history.

By Michelle Napoli | Updated on January 02, 2007

Michelle Napoli is editor of Net Lease forum, from which this article is excerpted.

Woonsocket, RI—The nearly $1.28-billion securitization of 340 CVS Corp. drugstore properties closed on Dec. 11, 2006, according to information from Moody’s Investors Service. The $1.3-billion sale-leaseback of assets, either owned or ground leased and spread among 29 states that resulted in the 144A securities offering, is believed to be the largest retail sale-leaseback in US history. The loans backing CVS Lease-Backed Pass-Through Certificates Series 2006 mature in December 2028.

Woonsocket, RI-based CVS was represented in the deal by Boston law firm Mintz, Levin, Cohn, Ferris, Glovsky and Popeo PC. Andrew Urban, the firm’s co-managing member and CVS relationship manager, tells NET LEASE forum, “This is the largest retail sale-leaseback in U.S. history, by some margin,” adding that he believes the next largest was approximately $800 million in size.

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.