03.09.23 | This week we recognized 2 capital-related transactions with a disclosed value of $1.5 Billion USD.
| Deal Size (Bn USD) | Capital Related Transactions |
| $1.5 | Realty Income Announces $1.5 Billion Sale Leaseback of Convenience Store Properties from EG Group |
| N/A | Lincoln Property’s Residential Division Acquired by Cadillac Fairview, New CEO Named |
| $1.5 | Total |
Summary of Transaction Headlines
PR Newswire | “Realty Income Announces $1.5 Billion Sale Leaseback of Convenience Store Properties from EG Group”
Realty Income Corporation (Realty Income, NYSE: O), The Monthly Dividend Company, today announced that it has signed a definitive agreement to acquire up to 415 single-tenant convenience store properties located in the U.S. from EG Group, a leading independent convenience retailer based in the United Kingdom. The portfolio is expected to be acquired at an estimated cap rate of approximately 6.9% and have a 20-year weighted average initial lease term. The transaction is expected to close in the second quarter of 2023, subject to customary closing conditions, approvals, and completion of due diligence.
Dallas Innovates | “Lincoln Property’s Residential Division Acquired by Cadillac Fairview, New CEO Named”
Nearly 60 years after Lincoln Property Company was founded in Dallas by Mack Pogue, its Residential division has been acquired by Cadillac Fairview, a global real estate company based in Toronto, Canada. Cadillac Fairview is wholly owned by the Ontario Teachers’ Pension Plan and manages over $40 Billion of assets across the Americas, Europe, and Asia. It said today’s announcement caps off a transition that began in 2019 when it first acquired a 49% interest in Lincoln Residential, with a goal of supporting and growing multifamily property operations and investments across the U.S. Terms of the deal were not disclosed. Mack Pogue, who founded Lincoln Property Company in 1965, and Tim Byrne, Lincoln Residential’s retiring CEO, have retained a 5% interest in the business, Cadillac Fairview said. Lincoln Residential will continue to be headquartered in Dallas, a spokesperson told Dallas Innovates.
