Press Release: U-Haul International
AMERCO, U-Haul’s parent company, sought financing as part of it’s corporate restructuring and emergence from Chapter 11 bankruptcy protection.
The site of the deal provided a challenge; 78 properties spread out over 24 states and 69 cities; created diversification across geography and product type (Storage/Truck Rental Facilities) making attractive from a risk and return analysis.
The sale-leaseback involved two leases, one for the truck rental facilities and one for the self-storage facilities. The outcome of this deal provided AMERCO with the additional capital they needed to extinguish their synthetic leases and restructure their debt.
Article By Michelle Napoli, Executive Editor THE REAL ESTATE FORUM