Entertainment Properties Trust (NYSE:EPR) has announced that its wholly owned subsidiary, Education Capital Solutions, has completed an investment with Imagine Schools, Inc. The transaction worth was $200 million. The final $48 million was paid in contemplation by the option agreement entered into with Imagine Schools in 2007.
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The investment resulted in the addition of five new schools at a cost of $44 million. Education Capital Solutions provided $4 million in expansion capital for the schools. The new schools contain over 357,000 square feet and has an enrollment in excess of 2,600 students. All Imagine schools owned by the company are governed by a triple net master lease with a 25 year primary term.
Entertainment Properties Trust (EPR), is a self-administered real estate investment trust (REIT). EPR develops, owns, leases and finances properties for consumer preferred businesses. As of December 31, 2008, the Company’s real estate portfolio consisted of 80 megaplex theatre properties (including four joint venture properties) located in 29 states, the District of Columbia and Ontario, Canada; eight theatre anchored entertainment retail centers (including two joint venture properties) located in Westminster, Colorado, New Rochelle, New York, White Plains, Burbank, California, and Ontario, Canada, one additional entertainment retail center under development. EPR also owns land parcels leased to restaurant and retail operators or available for development adjacent to several of its theatre properties.
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