Angelo, Gordon Completes $18.1M Sale-Leaseback with Claire’s Stores

April 12, 2010
By Allison Landa, News Editor

Courtesy Flickr Creative Commons user Cam Switzer

As part of a slate of distressed-asset transactions currently taking place in the market, alternative investment firm Angelo, Gordon & Co.’s net lease group has acquired the headquarters and sole North American distribution center of fashion retailer Claire’s Stores, Inc. The deal totaled $18.1 million.

A portfolio investment of Apollo Management since 2007, the Hoffman Estates, Ill.-based Claire’s reported some growth in the fourth quarter, reporting net income of $19.47 million as opposed to a loss of $569.54 million during the same period the previous year. It has been reported that Claire’s wishes to expand its offerings this year.

“Their pricing and merchandising mix is well positioned for the current economic climate,” AG Net Lease managing director Teddy Kaplan said while announcing the news, “and this transaction helped to prepare the company for continued growth as our economy recovers.”

Claire’s was represented by CB Richard Ellis on the sale-leaseback.

Angelo, Gordon & Co was founded in 1988 and provides alternative investment products with $22 billion in assets under management. Its core strategies include distressed real estate, private equity, mortgage-backed securities and multi-strategy. It is headquartered in New York City with offices in Chicago, Los Angeles, Hong Kong, Tokyo, Seoul and London.

AG Net Lease provides sale-leaseback financing and purchasing net leased corporate real estate on a global scale in transactions ranging from $5 million to $300 million.