The University Falls Apartments located on the NE corner of Boyd Street and Classen Boulevard was purchased May 30 for $1,175,000 by Paramount Investment Management LLC. The Seller was Stephen G. Teel dba Elite Properties.
The transaction was brokered by Brad Worster, CPM, CCIM, of JR Fulton & Associates Inc.’s Norman branch. Financing was provided by Republic Bank & Trust. Janie Murphy of Cleveland County Abstract was the closer.
Borders to sell foreign units
DETROIT — Borders Group Inc. said Thursday it had a deal to sell its Australia, New Zealand and Singapore businesses for approximately $104 million.
Investors cheered the news, sending Borders shares up 17.5 percent, or $1.08, to close at $7.25 on the New York Stock Exchange.
The Ann Arbor, Mich.-based bookseller reached the deal with A&R; Whitcoulls, an Australian bookseller owned by Pacific Equity Partners. The deal includes 30 Borders superstores and is expected to close next week.
“The market seemed to like it. To me, it’s almost a nonevent,” said Rick Munarriz, senior analyst at the Motley Fool. “It’s just 30 stores we’re talking about here. It’s Borders saying we aren’t going to take over the world, we weren’t going to be important in Australia and Singapore. We have trouble closer to home.”
When the deal closes, Borders will receive approximately $90 million. Then additional payments of up to $14 million will be made to Borders by March 31, 2009, if performance targets are reached.
As part of the agreement, A&R; Whitcoulls, which owns and operates more than 260 stores, will have the right to use the Borders brand throughout Australia, New Zealand and Singapore consistent with a brand-licensing pact.
“This transaction represents an attractive valuation, permits us to forgo further investment in these businesses, and provides our company with a significant cash infusion to further reduce debt, which is one of our key financial initiatives,” said Borders Group CEO George Jones.
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