May 15, 2007 | Vol. 5 No. 10

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Volume 5 - Number 10 | May 15, 2007

TOP STORY: HSBC, Deutsche Close Billion Dollar SLBs on Both Sides of Atlantic
By Michelle Napoli
Two billion-dollar-plus sale-leasebacks were announced by large financial institutions on both sides of the Atlantic Ocean. In the larger of the two, HSBC Holdings PLC agreed to sell its London headquarters.

Q1 REIT Report: iStar Launches Europe JV, EPT Adds to Non-Cinema Holdings
By Michelle Napoli
REITs involved in the single-tenant space have been hosting their first quarter conference calls. The highlights include news from iStar Financial Inc. that it has established a joint venture to expand its European platform.

While Allegations Fly, QI Industry Bears Second Negative Case This Year
By Michelle Napoli
The Federation of Exchange Accommodators has temporarily suspended the membership of a group of QIs for what it termed “credible allegations that transactions had not been funded in a timely manner.”

Carey Breaks Standard SLB Mold With Largest Deal Yet
By Michelle Napoli
With an investment of about $445 million, W.P. Carey & Co. has not only closed on the largest transaction in its more-than-30-year history, it also has shown its willingness to break the traditional sale-leaseback mold.

Data Points: Average Cap Rates of Single-Tenant Properties vs. Other Property Types

Short Takes: Real Estate a Factor in Continued Retail LBO Risk, Says Fitch

Recent Transactions: Spirit Finance Closes $200M SLB With 84 Lumber

Ratings Update: Ahold Rating Upgraded to BB+