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December 12, 2005
Aspen Education Group and Spirit Finance Corporation
Announce Strategic Real Estate Relationship…First Multi-Million
Dollar Sale/Leaseback Transaction Closes
CERRITOS, CA —Aspen Education Group, the nation’s leader in providing
private-pay therapeutic education to underachieving young people,
today announced the closing of a strategic real estate finance
transaction designed to provide Aspen access to additional capital
that will facilitate future expansion and maximize shareholder
value. In the first of two initial transactions, which closed
December 7, Aspen and Spirit Finance Corporation (NYSE:SFC), a
publicly traded real estate investment trust headquartered in
Scottsdale, Arizona, completed a multi-million dollar sale/leaseback
that gives Spirit Finance ownership of four properties previously
owned by Aspen.
The properties, located in California, Vermont, North Carolina
and Massachusetts, comprise a total of approximately 700 acres
and 31 buildings with over 200,000 square feet of residential,
classroom and office space. The seamless sale/leaseback transaction
will allow Aspen to continue to operate its existing therapeutic
education programs at these facilities without interruption under
a long-term lease with Spirit. The Investment Banking Group at
Cushman & Wakefield Inc. advised Aspen on the sale. Other
terms of the transaction were not disclosed.
“We are pleased to initiate a strategic real estate financing
relationship with an organization of the caliber of Spirit Finance
Corporation,” said Aspen Education Group CEO and President Elliot
Sainer. “Their experience and leadership was vital to the success
of this first transaction, and we look forward to a mutually beneficial,
long-term relationship with them in future real estate transactions.”
“Through this relationship with Spirit, Aspen is able to unlock
the value tied up in our owned real estate and redeploy that capital
into our core business and future growth activities,” added Mark
Nelson, Aspen’s director of corporate finance. “As we move forward
together, Aspen can continue to focus on our core strength of
providing services that combine education and therapeutic assistance
to young people, while leveraging the real estate financing expertise
of Spirit Finance.”
“We are delighted to have developed an ongoing relationship with
a rapidly growing organization like Aspen in the Therapeutic Education
industry,” stated Christopher Volk, president and chief executive
officer of Spirit Finance. “We believe that Aspen’s business model
will be further enhanced through the proper execution of strategic
real estate financing arrangements. Spirit Finance is able to
provide the kind of certainty of execution and competitive sale/leaseback
pricing that adds value for Aspen. The entire Spirit Finance team
looks forward to the future opportunities afforded by this exciting
relationship.”
About Aspen Education Group:
With 32 programs in 11 states, Aspen Education Group is the nation’s
largest and most comprehensive network of therapeutic schools
and programs. Aspen Education Group offers professionals and families
the opportunity to choose from a variety of therapeutic settings
in order to best meet a student’s unique academic and emotional
needs. An industry innovator, Aspen was voted among the top education
companies by Eduventures, the leading independent education industry
research firm. Aspen and its programs have been profiled by major
news and television organizations around the world, including:
CNN; the New York Times; the Los Angeles Times Magazine; U.S.
News & World Report; USA Today; National Public Radio; “Dateline
NBC;” NBC’s “Today;” ABC’s "Good Morning America;" "Dr.
Phil;" and in several documentaries, newspapers and television
talk shows in the United Kingdom. For over two decades Aspen Education
Group has been achieving successful outcomes for families. No
other organization in the therapeutic education industry offers
a more enlightened approach or a more reputable network of quality
programs. For more information about Aspen, please visit www.aspeneducation.com
or call 888-972-7736.
About Spirit Finance Corporation:
Spirit Finance Corporation provides customized, flexible sale/leaseback
financing solutions for single tenant, real estate assets that
are vital to the operations of retail, service and distribution
companies. The company’s core markets include free-standing automotive,
drugstores, educational facilities, movie theaters, restaurants,
supermarkets, and other retail, distribution and service businesses.
For more information, visit www.spiritfinance.com.
About Cushman & Wakefield:
Cushman & Wakefield Inc. (“C & W”) is the world’s largest
privately held real estate services firm. Founded in 1917, the
firm has 189 offices in 57 countries around the globe, and 11,000+
talented professionals. C & W delivers integrated solutions
by actively advising, implementing and managing on behalf of landlords,
tenants, and investors through every stage of the real estate
process. These solutions include helping clients to buy, sell,
finance, lease and manage assets. The firm also provides valuation
advice, strategic planning and research, portfolio analysis, investment
banking services, and site selection and space location assistance,
among many other advisory services. For more information, visit
www.cushwake.com.
