Prescient Corporate Advisory SA advises New York managed REIT on R771m sale and lease back transaction

Posted On Thursday, 29 January 2015 16:55 Published by
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Prescient Corporate Advisory SA advises on EUR59m sale and lease back transaction of La Plantation d'Albion Club Med Mauritius.

Club Mediterranee

Prescient Corporate Advisory, the corporate finance division of Prescient Wealth Management, is pleased to announce that it advised CPA®:18 – Global on the EUR59 million sale and leaseback transaction of La Plantation d'Albion Club Med Mauritius.

CPA®:18 – Global is a non-traded REIT managed by W. P. Carey Inc., the New York listed global net-lease REIT specialising in corporate sale-leaseback, build-to-suit construction financing and the acquisition of single-tenant net-lease properties.

CPA®:18 – Global has acquired a 266-room resort hotel, La Plantation d'Albion Club Med, located in Albion, Mauritius. The facility is triple net-leased to Holiday Village Management Services Ltd, a subsidiary of Club Mediterranee SA (Club Med), for an initial term of 15 years. The lease is guaranteed by Club Med, the renowned pioneer in all-inclusive resorts.

Key Facts

  • Upscale resort property: La Plantation d'Albion, Mauritius consists of 266 rooms and suites, two gourmet restaurants, three ocean view bars, two beaches and a health club, as well as three large swimming pools, a mini golf course and tennis courts. The resort is categorised as a 5-Trident resort, which is the highest level of quality offered within Club Med resorts worldwide.
  • Location: Mauritius is an island nation in the Indian Ocean approximately 2 000 kilometres off the southeast coast of the African continent. Situated on 53.4 acres of natural tropical woodland, the resort's location on the north-western coast of the island supports Club Med's up-market strategy, as well as its increased focus on the growing Asian tourism market.
  • Stable international investment: One of only two Club Med 5-Trident resorts in the world, the property has shown stable performance since its development in 2007 despite wider global economic turmoil. Its up-market focus and price point have enabled the resort to generate solid returns. Mauritius ranks 20th in the World Bank's "Ease of Doing Business Index," which evaluates economies based on how conducive the regulatory environment is to starting and operating a company.

Triple-net, inflation-protected euro lease

The facility is leased for a period of 15 years. Rent is paid in euros with annual increases tied to the European Consumer Price Index. The lease is guaranteed by Club Med, a leader in the upscale all-inclusive resort space that own, leases and manages 66 resorts and one cruise ship, with around 46 000 beds and related facilities.

Rob Henley, a principal of Prescient Corporate Advisory, commented: "We are very pleased to have advised CPA®:18 – Global and to have helped facilitate the Plantation d'Albion transaction – their first in Mauritius and in Africa. Our aim, as a mid-market advisor in Africa is to bring deals of outstanding quality to our global funding partners. This deal exemplifies our ambition".

Roger Hensman, Advisor to CPA®:18 – Global on the transaction, added: "Prescient Corporate Advisory presented CPA®:18 – Global with a well-structured deal and were effective partners, in helping to close the transaction. We would welcome the opportunity to work with Prescient on other transactions in the future"

Last modified on Thursday, 29 January 2015 19:22
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