Latest news with #jointventure
Yahoo
a day ago
- Business
- Yahoo
Medical Properties & Praemia REIM JV Announces Refinancing Transaction
Medical Properties Trust, Inc. MPW — also known as MPT — and Praemia REIM announced that its 50/50 joint venture ('JV') has refinanced its maturing seven-year debt agreement at a 5.1% fixed rate. This €702.5 million debt, which is non-recourse and spans a duration of 10 years without amortization, is secured by a portfolio of German rehabilitation hospitals run/operated by MEDIAN, recognized as the largest operator of rehabilitation hospitals across Europe. The primary purpose of the newly secured loan is to fund the repayment of the €655 million secured loan that was arranged during the JV formation in 2018. The increased size of the new financing amount indicates a rise in the underwritten value of the facilities over the previous seven years, rather than a rise in the loan-to-value ratio. Importantly, since its formation, the annual cash rent generated by the JV has grown by approximately €20 million, which is roughly equivalent to the expected rise in market interest expense from the new loan. Per Edward K. Aldag, Jr., chairman, president and CEO of MPT, 'Given the tremendous market demand for MPT's hospital real estate from sophisticated institutional investors, we continue to benefit from access to low-cost capital. This transaction, along with others recently executed, reinforces the value of $15 billion in hospital real estate around the world, the importance of our CPI-linked rent escalators as a natural hedge against inflation, and our confidence in the balance sheet flexibility available to us moving forward.' This refinancing offers Medical Properties enhanced financial flexibility. The extended maturities of the assumed debt will help the company improve its maturity profile and enjoy greater liquidity for day-to-day operations. MPW has been making efforts to enhance its liquidity position and alleviate bottom-line pressure. Further, it focuses on strengthening its balance sheet position. As of May 7, 2025, the company had approximately $1.3 billion of liquidity, including cash on hand and availability under its $1.28 billion revolving credit facility. Its access to diverse capital sources through capital recycling and internal cash flow provides ample financial flexibility and is likely to support its growth endeavors. In the past six months, shares of this Zacks Rank #2 (Buy) company have gained 19.7% compared with the industry's upside of 7.2%. Image Source: Zacks Investment Research Some other top-ranked stocks from the broader REIT sector are VICI Properties VICI and W.P. Carey WPC, each carrying a Zacks Rank #2 at present. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. The Zacks Consensus Estimate for VICI's 2025 FFO per share has moved one cent northward to $2.34 over the past two months. The consensus estimate for WPC's 2025 FFO per share has increased 1% to $4.88 over the past two months. Note: Anything related to earnings presented in this write-up represents FFO, a widely used metric to gauge the performance of REITs. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report W.P. Carey Inc. (WPC) : Free Stock Analysis Report Medical Properties Trust, Inc. (MPW) : Free Stock Analysis Report VICI Properties Inc. (VICI) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Bloomberg
2 days ago
- Business
- Bloomberg
KKR, GIC Are Among Final Bidders for MasOrange, Zegona Joint Venture
KKR & Co. and GIC Pte. are among the final bidders for a stake in a fiber-optic broadband network venture owned by MasOrange and Zegona Communications Plc, according to people familiar with the matter. The two funds are among the suitors that have entered a second round of the process to buy a 40% stake in the joint venture, the people said, asking not to be identified because the matter is private. A final decision on a sale hasn't been made and MasOrange and Zegona could still decide not to go ahead with one.
Yahoo
3 days ago
- Business
- Yahoo
2 Sisters Food Group sells joint venture to Boparan Private Office
2 Sisters Food Group and PD Hook have sold their joint venture, Hook2Sisters, to the Boparan Private Office (BPO). Hook2Sisters, which was founded in 2006 with a 50% ownership split between 2 Sisters Food Group and PD Hook, has been wholly acquired by the vehicle of 'Chicken King' Ranjit Singh Boparan. 2 Sisters Food Group is owned by the Boparan family. Hook2Sisters operates more than 170 farms in the UK and employs around 1,000 people. In the year to the end of July 2024, the company generated sales of £964.2m ($1.31bn) and a profit before tax of £786,000. The transaction will see both companies sell their shares in Hook2Sisters to the newly created 2 Agriculture Holdings Ltd, part of the BPO. All employees at the affected breeding and rearing sites and hatcheries will be transferred to 2 Agriculture Breeding Ltd with no changes to the terms and conditions of their employment, a 2 Sisters statement announcing the deal read. Mr Boparan described the deal as a 'significant transaction' that would 'establish a fully integrated agricultural supply chain that enhances quality and welfare standards for the sector". While the value of the deal has not been disclosed, a 2 Sisters Food Group spokesperson said it would be 'at least £1m'. The spokesperson added: 'The joint venture didn't have an ultimate controlling party and Ranjit Singh was very keen on going from a 50/50 partnership to a full ownership model. 'He has control over all those farms and, in addition, even bought some breeding farms and hatcheries from PD Hook. He has full control of the supply chain now.' "2 Sisters Food Group sells joint venture to Boparan Private Office" was originally created and published by Just Food, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
CNA
3 days ago
- Business
- CNA
Petronas, Eni to form Southeast Asia-focused gas venture by end-2025
KUALA LUMPUR :Malaysian state energy company Petronas and Italian energy group Eni said on Tuesday they were pressing ahead with a planned joint venture to develop gas assets in Indonesia and Malaysia with the signing expected by the end of this year. The final agreement will be subject to regulatory approvals by governments, authorities and partners, state-controlled Eni said in a statement, without providing a time frame. Petronas said the whole process could take one to two years from now. Tuesday's announcement follows a pact the companies signed in February, which they said could deliver in the medium term up to 500,000 barrels per day of oil equivalent (boe), combining about 3 billion boe of reserves with an additional 10 billion boe of potential exploration upside. By comparison, Eni's total hydrocarbon production was 1.71 million boe last year. "Asia has huge, huge potential," Eni CEO Claudio Descalzi told Reuters on the sidelines of the Energy Asia conference. "The cooperation between countries, to find synergies and exchange energies and put together resources and competencies, is essential. And that is a very strong example, Indonesia and Malaysia together," Descalzi said. The asset combination will likely focus on Indonesia's Kutai Basin, where Eni's portfolio includes developments in the Northern and Gendalo-Gandang hubs, which hold substantial gas reserves. "The new company will have a strong regional impact on gas production, bringing additional energy, infrastructure and employment for the benefit of both Indonesia and Malaysia," Eni said in a statement. The new company, based on existing gas production, is expected to develop its projects without burdening the balance sheets of Petronas and Eni, while paying dividends to its parent companies. "The whole idea of having this as a combination is to have an independent entity created in order to be self-financed," Mohd Jukris Abdul Wahab, executive vice-president and CEO - upstream at Petronas, said at the conference. This venture is part of Eni's "satellite" strategy under which the Italian group has created several spin-offs centred around specific businesses and has supported their growth to make them independent. In a similar transaction, Eni teamed up with BP in Angola to create their Azule Energy joint venture. Eni and Petronas will share assets in order to have a 50:50 proportion in the new company. Petronas has said it was looking to include oil and gas projects in Indonesia's Kutai Basin in the planned new company, proposing to swap interests for its assets in Malaysia and Indonesia with Eni's blocks there. However, Petronas said it would exclude Indonesian assets recently awarded to the company, such as the Binaiya and Serpang blocks.
CNA
3 days ago
- Business
- CNA
Malaysia's Petronas expects ENI upstream joint venture to be set up in 1-2 years
KUALA LUMPUR :Malaysian state energy company Petronas said on Tuesday it expects to take one to two years to set up a planned joint venture with Italian energy group Eni on upstream assets in Indonesia and Malaysia. The companies announced a joint venture framework, moving forward with a pact signed in February that they said can deliver up to 500,000 barrels per day of oil equivalent (boe), combining about 3 billion boe of reserves with an additional 10 billion boe of potential exploration upside. "Asia has huge, huge potential," Eni CEO Claudio Descalzi told Reuters on the sidelines of the Energy Asia conference in Kuala Lumpur. "The cooperation between countries, to find synergies and exchange energies and put together resources and competencies, is essential. And that is a very strong example, Indonesia and Malaysia together," Descalzi said. The asset combination focuses on Indonesia's Kutai Basin, where Eni's portfolio includes developments in the Northern and Gendalo-Gandang hubs, which hold substantial gas reserves. "The whole idea of having this as a combination is to have an independent entity created in order to be self-financed," Mohd Jukris Abdul Wahab, executive vice-president and CEO - upstream at Petronas, said at the conference. Petronas has said it was looking to include oil and gas projects in Indonesia's Kutai Basin in the planned joint venture, proposing to swap interests for its assets in Malaysia and Indonesia with Eni's blocks there. However, Petronas said it would exclude Indonesian assets recently awarded to the company, such as the Binaiya and Serpang blocks.
