US Market News
3月前
Sumitomo Corporation, SMBC Aviation Capital, Apollo und Brookfield schließen die Übernahme der Air Lease Corporation abApril 8, 2026 6:31 PM
Business Wire
Sumitomo Corporation, SMBC Aviation Capital, von Apollo verwaltete Fonds („Apollo“) und Brookfield gaben heute bekannt, dass sie die zuvor angekündigte Übernahme der Air Lease Corporation („Air Lease“) abgeschlossen und das Unternehmen in Sumisho Air Lease Corporation („Sumisho Air Lease“) umbenannt haben.
Diese transformative Transaktion verbessert die Finanzlage des Unternehmens durch die langfristige Unterstützung und das Luftfahrt-Know-how der Co-Investoren Sumitomo Corporation, SMBC Aviation Capital, Apollo und Brookfield.
Die starke Grundlage von Sumisho Air Lease als etablierter Flugzeugvermieter, unterstützt durch die branchenführenden Kompetenzen von SMBC Aviation Capital als Servicer, schafft eine Plattform mit der Größe und Finanzkraft, die erforderlich ist, um den sich schnell ändernden und zunehmend komplexen Anforderungen der Fluglinienkunden gerecht zu werden. Sumisho Air Lease wird zudem von der umfassenden Expertise und dem langjährigen Engagement profitieren, das sowohl Sumitomo Corporation als auch SMBC Aviation Capital in den globalen Flugzeugleasingsektor einbringen.
Im Rahmen der Gesamtransaktion wurde das Auftragsbuch von Air Lease nun an SMBC Aviation Capital übertragen, wodurch sich das Auftragsbuch von SMBC Aviation Capital bei Airbus und Boeing auf ca. 420 Flugzeuge erhöht.
SMBC Aviation Capital wird als Servicer für den Großteil des Flugzeugportfolios von Sumisho Air Lease fungieren, wodurch sich die Zahl der von SMBC Aviation Capital gehaltenen, betreuten und zugesagten Flugzeuge auf über 1700 bei mehr als 170 Fluglinienkunden erhöht.
Sumisho Air Lease wird durch den Zugang zu einer groß angelegten Luftfahrtplattform von einer größeren Reichweite profitieren und ist gut positioniert, um seine langfristige strategische Ausrichtung zu verwirklichen und gleichzeitig weiterhin eine führende Rolle in der globalen Luftfahrtleasingbranche einzunehmen.
Takao Kusaka, Group CEO der Transportation & Construction Systems Group der Sumitomo Corporation, sagte:
„Wir freuen uns sehr, den Abschluss der Übernahme der Air Lease Corporation gemeinsam mit unseren Co-Investoren SMBC Aviation Capital, Apollo und Brookfield bekannt zu geben. Das Erreichen dieses wichtigen Meilensteins ist ein Beweis für die starke Übereinstimmung innerhalb der Investorengruppe und unsere gemeinsame langfristige Vision für das Geschäft.
Als zentraler Akteur im Ökosystem der Luftfahrtindustrie passt Sumisho Air Lease hervorragend zu unserer strategischen Ausrichtung und stärkt das Engagement der Sumitomo Corporation Group im Bereich der kommerziellen Luftfahrt. Diese Transaktion verbessert die Größe, Qualität und Widerstandsfähigkeit unserer Luftfahrtplattform weiter.
Mit Blick auf die Zukunft sind wir zuversichtlich, dass die enge Zusammenarbeit zwischen Sumisho Air Lease und der Sumitomo Corporation Group bedeutende Synergien freisetzen und das nachhaltige Wachstum unseres Luftfahrtportfolios unterstützen wird.“
Peter Barrett, Chief Executive Officer von SMBC Aviation Capital, sagte:
„Diese Transaktion schafft eine der wettbewerbsfähigsten, kapitalstärksten und kundenorientiertesten Leasingplattformen auf dem globalen Flugzeugleasingmarkt. Mit der modernen, hochwertigen Flotte von Sumisho Air Lease, unterstützt durch die branchenführenden Kompetenzen von SMBC Aviation Capital, sind wir ideal positioniert, um die Branche mit innovativen Lösungen für unsere Airline-Partner und nachhaltigen Renditen für Investoren zu transformieren.
In einem von Angebotsengpässen geprägten Umfeld werden uns die erweiterte Größe, die Finanzkraft und die fundierten Marktkenntnisse von SMBC Aviation Capital in die Lage versetzen, die Flugzeuge mit modernster Technologie und die Flexibilität bereitzustellen, die unsere Kunden benötigen, um ihre Wachstumsziele zu erreichen. Gestützt auf das langfristige Engagement und die Ressourcen unserer Aktionäre, einschließlich unseres Co-Investors Sumitomo Corporation, freuen wir uns darauf, neue Chancen zu erschließen und Innovationen voranzutreiben.“
Jamshid Ehsani, Partner bei Apollo, sagte:
„Der Abschluss dieser Transaktion schafft eine hochwertige Luftfahrtplattform mit starker Branchenunterstützung durch unsere Partner, die Sumitomo Corporation und SMBC Aviation Capital. Die gefragte Flotte der neuen Generation von Sumisho Air Lease, unterstützt durch das flexible, langfristige Kapital von Apollo, versetzt das Unternehmen in die Lage, innovative Lösungen anzubieten, um den sich wandelnden Bedürfnissen der Fluggesellschaften gerecht zu werden. Diese Transaktion unterstreicht zudem die langjährige Erfolgsbilanz von Apollo in der Luftfahrt, angeführt von unseren Branchenexperten bei Perseus Aviation, sowie unsere Fähigkeit, maßgeschneiderte und kreative Kapitalösungen bereitzustellen, um führende Unternehmen in wesentlichen Sektoren der Weltwirtschaft zu unterstützen.“
Ryan Schwartz, Managing Director bei Brookfield, sagte:
„Der Abschluss dieser Transaktion spiegelt Brookfields Fähigkeit wider, umfangreiches, flexibles Kapital einzusetzen, um strategische Partner in komplexen Märkten zu unterstützen. Durch die Kombination unserer Kreditkompetenz mit der umfassenden Luftfahrterfahrung von Castlelake haben wir eine maßgeschneiderte Lösung für Sumitomo Corporation und SMBC Aviation Capital entwickelt, die ihre strategischen Ziele vorantreibt und das Unternehmen für langfristigen Erfolg positioniert.“
Noriyuki Hiruta, CEO von Sumisho Air Lease, sagte:
„Der heutige Tag markiert den Beginn eines spannenden neuen Kapitels für Sumisho Air Lease. Als etablierter Flugzeugvermieter mit einer modernen, treibstoffeffizienten Flotte und einem starken Investment-Grade-Profil sind wir ideal aufgestellt, um den sich wandelnden Bedürfnissen von Fluggesellschaften und Investoren in einem sich rasch verändernden Markt gerecht zu werden. Mit der Unterstützung von Sumitomo Corporation, SMBC Aviation Capital, Apollo und Brookfield verfügen wir über die Größe, die Finanzkraft und die Branchenexpertise, um langfristigen Wert zu schaffen und gleichzeitig vertrauensvolle Partnerschaften mit unseren Kunden auf der ganzen Welt aufzubauen.“
Die Transaktion wurde ursprünglich im September 2025 angekündigt, wobei Sumitomo Corporation, SMBC Aviation Capital, Apollo und Brookfield vereinbarten, Air Lease zu einer Gesamtbewertung von rund 7,4 Milliarden US-Dollar zu erwerben, bzw. rund 28,2 Milliarden US-Dollar einschließlich der zu übernehmenden oder zu refinanzierenden Verbindlichkeiten abzüglich Barmitteln.
Hinweise für Redakteure
Über die Sumitomo Corporation
Sumitomo Corporation (TYO: 8053) ist ein integriertes Handels- und Unternehmensbeteiligungsunternehmen mit einem starken globalen Netzwerk aus 127 Niederlassungen in 64 Ländern und Regionen. Die Sumitomo Corporation Group umfasst auf konsolidierter Basis rund 500 Unternehmen und 80.000 Mitarbeiter. Die Geschäftsaktivitäten der Gruppe verteilen sich auf die folgenden neun Geschäftsbereiche: Stahl, Automobil, Transport- und Bausysteme, Diverse Stadtentwicklung, Medien und Digital, Lifestyle-Geschäft, Mineralressourcen, Chemielösungen und Energiewendegeschäft. Die Sumitomo Corporation hat sich zum Ziel gesetzt, unter dem Leitbild „Enriching lives and the world“ und auf der Grundlage der seit über 400 Jahren weitergegebenen Unternehmensphilosophie von Sumitomo einen größeren Mehrwert für die Gesellschaft zu schaffen. Sumitomo Corporation
Über SMBC Aviation Capital
SMBC Aviation Capital ist gemessen an der Anzahl der Flugzeuge ein weltweit führender Flugzeugvermieter und profitiert von der starken Unterstützung seiner Aktionäre, der Sumitomo Mitsui Financial Group und der Sumitomo Corporation. SMBC Aviation Capital verfügt über einen hochwertigen globalen Kundenstamm aus Fluggesellschaften mit einem Portfolio, das zu 87 % aus Schmalrumpfflugzeugen und zu 73 % aus Flugzeugen mit neuer Technologie besteht (nach Nettobuchwert). SMBC Aviation Capital verfügt über eine starke Kapitalausstattung und hält ein A-Rating von S&P sowie ein BBB+-Rating von Fitch, was die langfristige Stärke seines Geschäfts widerspiegelt. Weitere Informationen finden Sie unter: https://www.smbc.aero/
Über Apollo
Apollo ist ein wachstumsstarker, globaler Verwalter alternativer Vermögenswerte. In unserem Vermögensverwaltungsgeschäft sind wir bestrebt, unseren Kunden Überrenditen auf jedem Punkt des Risiko-Rendite-Spektrums zu bieten, von Investment-Grade-Anleihen bis hin zu Private Equity. Seit mehr als drei Jahrzehnten dient unsere Anlageexpertise auf unserer vollständig integrierten Plattform den finanziellen Renditebedürfnissen unserer Kunden und bietet Unternehmen innovative Kapitalösungen für Wachstum. Über Athene, unser Geschäftsfeld für Altersvorsorge, sind wir darauf spezialisiert, Kunden bei der Erlangung finanzieller Sicherheit zu unterstützen, indem wir eine Reihe von Altersvorsorgeprodukten anbieten und als Lösungsanbieter für Institutionen fungieren. Unser geduldiger, kreativer und sachkundiger Investitionsansatz bringt unsere Kunden, die Unternehmen, in die wir investieren, unsere Mitarbeiter und die Gemeinschaften, auf die wir Einfluss nehmen, in Einklang, um Chancen zu erweitern und positive Ergebnisse zu erzielen. Zum 31. Dezember 2025 verwaltete Apollo ein Vermögen von rund 938 Milliarden US-Dollar. Weitere Informationen finden Sie unter www.apollo.com.
Über Brookfield
Brookfield Asset Management Ltd. (NYSE: BAM, TSX: BAM) ist ein weltweit führender Verwalter alternativer Vermögenswerte mit Hauptsitz in New York und einem verwalteten Vermögen von über 1 Billion US-Dollar in den Bereichen Infrastruktur, Energie, Private Equity, Immobilien und Kredite. Wir investieren das Kapital unserer Kunden langfristig mit Schwerpunkt auf Sachwerten und Unternehmen im Bereich der Grundversorgungsleistungen, die das Rückgrat der Weltwirtschaft bilden. Wir bieten Anlegern weltweit eine Reihe alternativer Anlageprodukte an – darunter öffentliche und private Pensionskassen, Stiftungen, Staatsfonds, Finanzinstitute, Versicherungsgesellschaften und private vermögende Anleger. Wir stützen uns auf Brookfields Tradition als Eigentümer und Betreiber, um wertorientiert zu investieren und für unsere Kunden über Konjunkturzyklen hinweg starke Renditen zu erzielen. Weitere Informationen finden Sie auf unserer Website unter www.bam.brookfield.com
Über Sumisho Air Lease
Die Sumisho Air Lease Corporation (Sumisho) ist ein weltweit führendes Flugzeugleasingunternehmen, das nach der Übernahme der Air Lease Corporation durch die Sumitomo Corporation, SMBC Aviation Capital, von Apollo verwaltete Fonds und Brookfield im April 2026 gegründet wurde. Mit einem Vermögen von über 29 Milliarden US-Dollar, 490 eigenen Flugzeugen (Stand: 31. Dezember 2025) und einem marktführenden Managementteam verfügt das Unternehmen über ein Investment-Grade-Rating und engagierte langfristige Investoren.
Weitere Informationen finden Sie unter: www.sumisho.aero
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Wenden Sie sich für weitere Informationen an:
SMBC Aviation Capital
Conor Irwin, SVP Communications (für Medien) +353 87 381 6106
Mark Allen, Head of Corporate Finance (für Investoren) +353 87 226 3622
FGS Global (für SMBC Aviation Capital) SMBCAviation-LON@fgsglobal.com
Richard Webster-Smith +44 7796 708551
Rory King +44 7917 086227
Richard Crowley +44 7387 257394
Für Sumitomo Corporation
Corporate Communications Department Kontaktieren Sie uns | Sumitomo Corporation
Für Apollo
Noah Gunn, Global Head of Investor Relations +1 (212) 822-0540 IR@apollo.com
Joanna Rose, Global Head of Corporate Communications +1 (212) 822-0491 Communications@apollo.com
Für Brookfield
Rachel Wood, Vice President, Communications +1 (212) 618-3490 Rachel.wood@brookfield.com
Original: Sumitomo Corporation, SMBC Aviation Capital, Apollo und Brookfield schließen die Übernahme der Air Lease Corporation ab
US Market News
3月前
Sumitomo Corporation, SMBC Aviation Capital, Apollo et Brookfield finalisent l'acquisition d'Air Lease CorporationApril 8, 2026 6:26 PM
Business Wire
Sumitomo Corporation, SMBC Aviation Capital, les fonds gérés par Apollo (« Apollo ») et Brookfield ont annoncé aujourd’hui avoir finalisé l’acquisition précédemment annoncée d’Air Lease Corporation (« Air Lease ») et avoir rebaptisé l’entreprise Sumisho Air Lease Corporation (« Sumisho Air Lease »).
Cette opération de transformation renforce la situation financière de l’entreprise grâce au soutien à long terme et à l’expertise aéronautique des co-investisseurs Sumitomo Corporation, SMBC Aviation Capital, Apollo et Brookfield.
Les bases solides de Sumisho Air Lease en tant que bailleur d’avions établi, soutenues par les capacités de pointe de SMBC Aviation Capital en tant que gestionnaire, créent une plateforme dotée de l’envergure et de la solidité financière nécessaires pour répondre aux exigences en constante évolution et de plus en plus complexes des compagnies aériennes clientes. Sumisho Air Lease bénéficiera également de la grande expertise et de l’engagement de longue date que Sumitomo Corporation et SMBC Aviation Capital apportent au secteur international de la location d’avions.
Dans le cadre de cette transaction globale, le carnet de commandes d’Air Lease a désormais été transféré à SMBC Aviation Capital, portant le carnet de commandes de SMBC Aviation Capital auprès d’Airbus et de Boeing à environ 420 appareils.
SMBC Aviation Capital assurera la gestion de la majeure partie du portefeuille d’avions de Sumisho Air Lease, portant ainsi le nombre d’avions détenus, gérés et engagés par SMBC Aviation Capital à plus de 1 700, répartis entre plus de 170 compagnies aériennes clientes.
Sumisho Air Lease bénéficiera d'une plus grande envergure grâce à l'accès à une plateforme aéronautique de grande envergure et est bien positionnée pour réaliser son orientation stratégique à long terme tout en continuant à être un leader dans le secteur international de la location d'avions.
Takao Kusaka, PDG du groupe « Transportation & Construction Systems » de Sumitomo Corporation, a déclaré :
« Nous sommes ravis d’annoncer la finalisation de l’acquisition d’Air Lease Corporation, en collaboration avec nos co-investisseurs SMBC Aviation Capital, Apollo et Brookfield. Le franchissement de cette étape importante témoigne de la forte cohésion au sein du groupe d’investisseurs et de notre vision commune à long terme pour cette entreprise.
En tant qu’acteur clé de l’écosystème de l’industrie aéronautique, Sumisho Air Lease s’inscrit parfaitement dans notre orientation stratégique et renforce l’engagement du groupe Sumitomo Corporation envers le secteur de l’aviation commerciale. Cette transaction renforce encore l’envergure, la qualité et la résilience de notre plateforme aéronautique.
Pour l’avenir, nous sommes convaincus que la collaboration étroite entre Sumisho Air Lease et le groupe Sumitomo Corporation permettra de dégager des synergies importantes et de soutenir la croissance durable de notre portefeuille aéronautique. »
Peter Barrett, PDG de SMBC Aviation Capital, a déclaré :
« Cette opération donne naissance à l’une des plateformes de leasing les plus compétitives, les mieux capitalisées et les plus axées sur le client du marché international du leasing aéronautique. Grâce à la flotte moderne et d’excellente qualité de Sumisho Air Lease, soutenue par les capacités de pointe de SMBC Aviation Capital, nous sommes en position idéale pour transformer le secteur en proposant des solutions innovantes à nos compagnies aériennes partenaires et des rendements durables aux investisseurs.
Dans un contexte de pénurie d'offre, l'envergure accrue, la solidité financière et la connaissance approfondie du marché de SMBC Aviation Capital nous permettront de fournir les avions dotés des dernières technologies et la flexibilité dont nos clients ont besoin pour réaliser leurs ambitions de croissance. Forts de l'engagement à long terme et des ressources de nos actionnaires, notamment de notre co-investisseur, Sumitomo Corporation, nous sommes impatients de saisir de nouvelles opportunités et de stimuler l'innovation. »
Jamshid Ehsani, associé chez Apollo, a déclaré :
« La conclusion de cette transaction permet de mettre en place une plateforme aéronautique de grande qualité, bénéficiant d’un solide soutien sectoriel de la part de nos partenaires, Sumitomo Corporation et SMBC Aviation Capital. La flotte de nouvelle génération très demandée de Sumisho Air Lease, soutenue par les capitaux flexibles et à long terme d’Apollo, permet à l’entreprise de proposer des solutions innovantes pour répondre aux besoins en constante évolution des compagnies aériennes clientes. Cette transaction met également en avant l’expérience éprouvée d’Apollo dans le secteur de l’aviation, sous la houlette de nos experts de Perseus Aviation, ainsi que notre capacité à fournir des solutions de financement évolutives et créatives pour soutenir des entreprises de premier plan dans des secteurs essentiels de l’économie mondiale. »
Ryan Schwartz, directeur général de Brookfield, a déclaré :
« La conclusion de cette transaction reflète la capacité de Brookfield à déployer des capitaux flexibles à grande échelle pour soutenir des partenaires stratégiques sur des marchés complexes. En mettant à profit notre expertise en matière de crédit ainsi que la solide expérience de Castlelake dans le secteur de l’aviation, nous avons proposé une solution sur mesure à Sumitomo Corporation et SMBC Aviation Capital qui fait progresser leurs objectifs stratégiques et positionne l’entreprise pour un succès à long terme. »
Noriyuki Hiruta, PDG de Sumisho Air Lease, a déclaré :
« Aujourd’hui marque le début d’un nouveau chapitre passionnant pour Sumisho Air Lease. En tant que société de location d'avions bien établie, dotée d'une flotte moderne et économe en carburant et d'un solide profil de qualité « investment grade », nous sommes dans une position idéale pour répondre aux besoins en constante évolution des compagnies aériennes et des investisseurs sur un marché en mutation rapide. Avec le soutien de Sumitomo Corporation, SMBC Aviation Capital, Apollo et Brookfield, nous disposons de l'envergure, de la solidité financière et de l'expertise sectorielle nécessaires pour créer de la valeur à long terme tout en établissant des partenariats de confiance avec nos clients à travers le monde. »
La transaction avait initialement été annoncée en septembre 2025, Sumitomo Corporation, SMBC Aviation Capital, Apollo et Brookfield ayant convenu d’acquérir Air Lease pour une valeur totale d’environ 7,4 milliards de dollars, soit environ 28,2 milliards de dollars en incluant les dettes à reprendre ou à refinancer, nettes de la trésorerie.
Notes à l’intention des rédacteurs
À propos de Sumitomo Corporation
Sumitomo Corporation (TYO : 8053) est une société intégrée spécialisée dans le commerce et l'investissement, dotée d'un solide réseau international comprenant 127 bureaux répartis dans 64 pays et régions. Le groupe Sumitomo Corporation regroupe environ 500 sociétés et 80 000 employés sur une base consolidée. Les activités du groupe s'articulent autour des neuf secteurs suivants : acier, automobile, systèmes de transport et de construction, développement urbain diversifié, médias et numérique, mode de vie, ressources minérales, solutions chimiques et transformation énergétique. Sumitomo Corporation s'engage à créer davantage de valeur pour la société sous la devise « Embellir la vie et le monde », en s'appuyant sur la philosophie d'entreprise de Sumitomo transmise depuis plus de 400 ans. Sumitomo CorporationSumitomo Corporation
À propos de SMBC Aviation Capital
SMBC Aviation Capital est l'un des principaux bailleurs d'avions au monde en termes de nombre d'appareils et bénéficie du solide soutien de ses actionnaires, Sumitomo Mitsui Financial Group et Sumitomo Corporation. SMBC Aviation Capital dispose d'une clientèle internationale de compagnies aériennes prestigieuses, avec un portefeuille composé à 87 % d'avions à fuselage étroit et à 73 % d'avions de nouvelle technologie (en valeur comptable nette). SMBC Aviation Capital dispose d’une solide assise financière et bénéficie d’une notation A- auprès de S&P et BBB+ auprès de Fitch, reflétant la solidité à long terme de ses activités. Pour plus d’informations, veuillez consulter : https://www.smbc.aero/
À propos d’Apollo
Apollo est un gestionnaire mondial d’actifs alternatifs à forte croissance. Dans le cadre de nos activités de gestion d’actifs, nous cherchons à offrir à nos clients un rendement excédentaire à tous les niveaux du spectre risque-rendement, des titres de crédit de qualité « investment grade » au capital-investissement. Depuis plus de trois décennies, notre expertise en matière d’investissement, s’appuyant sur notre plateforme entièrement intégrée, répond aux besoins de rendement financier de nos clients et fournit aux entreprises des solutions de financement innovantes pour leur croissance. Par l’intermédiaire d’Athene, notre division dédiée aux services de retraite, nous nous spécialisons dans l’aide à la sécurité financière de nos clients en proposant une gamme de produits d’épargne-retraite et en agissant en tant que fournisseur de solutions pour les institutions. Notre approche d’investissement patiente, créative et éclairée harmonise les intérêts de nos clients, des entreprises dans lesquelles nous investissons, de nos employés et des communautés sur lesquelles nous avons un impact, afin d’élargir les opportunités et d’obtenir des résultats positifs. Au 31 décembre 2025, Apollo gérait environ 938 milliards de dollars d’actifs. Pour en savoir plus, veuillez consulter le site www.apollo.com.
À propos de Brookfield
Brookfield Asset Management Ltd. (NYSE : BAM, TSX : BAM) est un gestionnaire international majeur d'actifs alternatifs, dont le siège social est situé à New York, avec plus de 1 000 milliards de dollars d'actifs sous gestion dans les secteurs des infrastructures, de l'énergie, du capital-investissement, de l'immobilier et du crédit. Nous investissons le capital de nos clients sur le long terme en mettant l'accent sur les actifs réels et les entreprises de services essentiels qui constituent l'épine dorsale de l'économie mondiale. Nous proposons une gamme de produits d'investissement alternatifs à des investisseurs du monde entier, notamment des régimes de retraite publics et privés, des fonds de dotation et des fondations, des fonds souverains, des institutions financières, des compagnies d'assurance et des investisseurs privés fortunés. Nous nous appuyons sur l'expérience de Brookfield en tant que propriétaire et exploitant pour investir dans la valeur et générer des rendements solides pour nos clients, quel que soit le cycle économique. Pour plus d'informations, veuillez consulter notre site web à l'adresse www.bam.brookfield.com
À propos de Sumisho Air Lease
Sumisho Air Lease Corporation (Sumisho) est une société internationale leader dans le domaine de la location d'avions, créée à la suite de l'acquisition d'Air Lease Corporation par Sumitomo Corporation, SMBC Aviation Capital, les fonds gérés par Apollo et Brookfield en avril 2026. Avec plus de 29 milliards de dollars d'actifs, 490 avions en propriété (au 31 décembre 2025) et une équipe de direction leader sur le marché, la société bénéficie d'une notation de crédit « investment grade » et d'investisseurs engagés à long terme.
Pour plus d'informations, veuillez consulter : www.sumisho.aero
Le texte du communiqué issu d’une traduction ne doit d’aucune manière être considéré comme officiel. La seule version du communiqué qui fasse foi est celle du communiqué dans sa langue d’origine. La traduction devra toujours être confrontée au texte source, qui fera jurisprudence.
Consultez la version source sur businesswire.com : https://www.businesswire.com/news/home/20260408527945/fr/
Pour plus d'informations, veuillez contacter :
SMBC Aviation Capital
Conor Irwin, vice-président senior chargé de la communication (pour les médias) +353 87 381 6106
Mark Allen, responsable des finances d'entreprise (pour les investisseurs) +353 87 226 3622
FGS Global (pour SMBC Aviation Capital) SMBCAviation-LON@fgsglobal.com
Richard Webster-Smith +44 7796 708551
Rory King +44 7917 086227
Richard Crowley +44 7387 257394
Pour Sumitomo Corporation
Département des communications d'entreprise Nous contacter | Sumitomo Corporation
Pour Apollo
Noah Gunn, Responsable international des relations avec les investisseurs +1 (212) 822-0540 IR@apollo.com
Joanna Rose, Responsable internationale de la communication d'entreprise +1 (212) 822-0491 Communications@apollo.com
Pour Brookfield
Rachel Wood, Vice-présidente, Relations publiques +1 (212) 618-3490 Rachel.wood@brookfield.com
Original: Sumitomo Corporation, SMBC Aviation Capital, Apollo et Brookfield finalisent l'acquisition d'Air Lease Corporation
US Market News
3月前
Sumitomo Corporation, SMBC Aviation Capital, Apollo and Brookfield Complete the Acquisition of Air Lease CorporationApril 8, 2026 9:13 AM
Business Wire
Sumitomo Corporation, SMBC Aviation Capital, Apollo-managed funds (“Apollo”) and Brookfield today announced that they have completed the previously announced acquisition of Air Lease Corporation (“Air Lease”) and have renamed the business Sumisho Air Lease Corporation (“Sumisho Air Lease”).
This transformational transaction improves the financial position of the business with long term support and aviation expertise from co-investors Sumitomo Corporation, SMBC Aviation Capital, Apollo and Brookfield.
Sumisho Air Lease’s strong foundation as an established aircraft lessor, supported by SMBC Aviation Capital’s industry-leading capabilities as servicer, creates a platform with the scale and financial strength needed to meet the fast-changing and increasingly complex requirements of airline customers. Sumisho Air Lease will also benefit from the deep expertise and long-standing commitment that both Sumitomo Corporation and SMBC Aviation Capital bring to the global aviation leasing sector.
As part of the overall transaction, Air Lease’s orderbook has now transferred to SMBC Aviation Capital, bringing SMBC Aviation Capital’s orderbook with Airbus and Boeing to c. 420 aircraft.
SMBC Aviation Capital will be the servicer to the majority of Sumisho Air Lease’s portfolio of aircraft, bringing SMBC Aviation Capital’s Owned, Serviced and Committed aircraft to over 1700 across over 170 airline Customers.
Sumisho Air Lease will benefit from enhanced scale through access to a large-scale aviation platform and is well positioned to achieve its long-term strategic direction while continuing to be a leader in the global aviation leasing industry.
Takao Kusaka, Group CEO, Transportation & Construction Systems Group of Sumitomo Corporation, said:
“We are delighted to announce the completion of the acquisition of Air Lease Corporation together with our co-investors SMBC Aviation Capital, Apollo and Brookfield. Reaching this important milestone is a testament to the strong alignment among the investor group and our shared long-term vision for the business.
As a core participant in the aviation industry ecosystem, Sumisho Air Lease is highly complementary to our strategic direction and reinforces the Sumitomo Corporation Group’s commitment to the commercial aviation sector. This transaction further enhances the scale, quality and resilience of our aviation platform.
Looking ahead, we are confident that close collaboration between Sumisho Air Lease and the Sumitomo Corporation Group will unlock meaningful synergies and support the sustainable growth of our aviation portfolio”
Peter Barrett, Chief Executive Officer of SMBC Aviation Capital, said:
“This transaction creates one of the most competitive, well-capitalised, and customer-focused leasing platforms in the global aircraft leasing market. With Sumisho Air Lease’s modern, high-quality fleet, supported by SMBC Aviation Capital’s industry-leading capabilities, we are ideally positioned to transform the industry with innovative solutions for our airline partners and sustainable returns for investors.
In a supply constrained environment, SMBC Aviation Capital’s enhanced scale, financial strength and deep market insight will allow us to provide the new technology aircraft and the flexibility our customers need to achieve their growth ambitions. Backed by the long-term commitment and resources of our shareholders including our co-investor, Sumitomo Corporation, we look forward to unlocking new opportunities and driving innovation.”
Jamshid Ehsani, Partner, Apollo, said:
“The completion of this transaction establishes a high-quality aviation platform with strong industry sponsorship from our partners, Sumitomo Corporation and SMBC Aviation Capital. Sumisho Air Lease’s new generation, in-demand fleet supported by Apollo’s flexible, long-term capital, positions the business to deliver innovative solutions to meet the evolving needs of airline customers. This transaction also highlights Apollo’s established track record in aviation, led by our industry experts at Perseus Aviation, as well as our ability to provide scaled and creative capital solutions to support leading businesses in essential sectors of the global economy.”
Ryan Schwartz, Managing Director, Brookfield, said:
“The closing of this transaction reflects Brookfield’s ability to deploy large-scale, flexible capital to support strategic partners in complex markets. Leveraging our credit expertise alongside Castlelake’s deep aviation experience, we delivered a tailored solution for Sumitomo Corporation and SMBC Aviation Capital that advances their strategic objectives and positions the business for long-term success.”
Noriyuki Hiruta, CEO of Sumisho Air Lease, said:
“Today marks the beginning of an exciting new chapter for Sumisho Air Lease. As an established aircraft lessor with a modern, fuel-efficient fleet and a strong investment-grade profile, we are ideally placed to meet the evolving needs of airlines and investors in a rapidly changing market. With the backing of Sumitomo Corporation, SMBC Aviation Capital, Apollo and Brookfield, we have the scale, financial strength and industry expertise to deliver long-term value while building trusted partnerships with our customers around the world.”
The transaction was originally announced in September 2025, with Sumitomo Corporation, SMBC Aviation Capital, Apollo and Brookfield agreeing to acquire Air Lease for total valuation of approximately $7.4 billion, or approximately $28.2 billion including debt obligations to be assumed or refinanced net of cash.
Notes to editors
About Sumitomo Corporation
Sumitomo Corporation (TYO: 8053) is an integrated trading and business investment company with a strong global network comprising 127 offices in 64 countries and regions. The Sumitomo Corporation Group consists of approximately 500 companies and 80,000 employees on a consolidated basis. The Group's business activities are spread across the following nine groups: Steel, Automotive, Transportation & Construction Systems, Diverse Urban Development, Media & Digital, Lifestyle Business, Mineral Resources, Chemicals Solutions and Energy Transformation Business. Sumitomo Corporation is committed to creating greater value for society under the corporate message of "Enriching lives and the world," based on Sumitomo’s business philosophy passed down for over 400 years. Sumitomo Corporation
About SMBC Aviation Capital
SMBC Aviation Capital is a leading aircraft lessor globally by number of aircraft and benefits from the strong support of its shareholders Sumitomo Mitsui Financial Group and Sumitomo Corporation. SMBC Aviation Capital has a high-quality global airline customer base with a portfolio comprising 87% narrow-body aircraft and 73% new technology aircraft (by net book value). SMBC Aviation Capital has a strong capital position and holds an A- and BBB+ rating with S&P and Fitch respectively, reflecting the long-term strength of its business. For more information, please visit: https://www.smbc.aero/
About Apollo
Apollo is a high-growth, global alternative asset manager. In our asset management business, we seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade credit to private equity. For more than three decades, our investing expertise across our fully integrated platform has served the financial return needs of our clients and provided businesses with innovative capital solutions for growth. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Our patient, creative, and knowledgeable approach to investing aligns our clients, businesses we invest in, our employees, and the communities we impact, to expand opportunity and achieve positive outcomes. As of December 31, 2025, Apollo had approximately $938 billion of assets under management. To learn more, please visit www.apollo.com.
About Brookfield
Brookfield Asset Management Ltd. (NYSE: BAM, TSX: BAM) is a leading global alternative asset manager, headquartered in New York, with over $1 trillion of assets under management across infrastructure, energy, private equity, real estate, and credit. We invest client capital for the long-term with a focus on real assets and essential service businesses that form the backbone of the global economy. We offer a range of alternative investment products to investors around the world — including public and private pension plans, endowments and foundations, sovereign wealth funds, financial institutions, insurance companies and private wealth investors. We draw on Brookfield’s heritage as an owner and operator to invest for value and generate strong returns for our clients, across economic cycles. For more information, please visit our website at www.bam.brookfield.com
About Sumisho Air Lease
Sumisho Air Lease Corporation (Sumisho) is a leading global aircraft leasing company which was launched following the acquisition of Air Lease Corporation by Sumitomo Corporation, SMBC Aviation Capital, Apollo managed funds and Brookfield in April 2026. With over $29 billion of assets, 490 owned aircraft (as of 31st Dec 2025), and a market leading management team, the company has an investment grade credit rating and committed long-term investors.
For more information, please visit: www.sumisho.aero
View source version on businesswire.com: https://www.businesswire.com/news/home/20260408078834/en/
For more information, please contact:
SMBC Aviation Capital
Conor Irwin, SVP Communications (for media) +353 87 381 6106
Mark Allen, Head of Corporate Finance (for investors) +353 87 226 3622
FGS Global (for SMBC Aviation Capital) SMBCAviation-LON@fgsglobal.com
Richard Webster-Smith +44 7796 708551
Rory King +44 7917 086227
Richard Crowley +44 7387 257394
For Sumitomo Corporation
Corporate Communications Department Contact Us | Sumitomo Corporation
For Apollo
Noah Gunn, Global Head of Investor Relations +1 (212) 822-0540 IR@apollo.com
Joanna Rose, Global Head of Corporate Communications +1 (212) 822-0491 Communications@apollo.com
For Brookfield
Rachel Wood, Vice President, Communications +1 (212) 618-3490 Rachel.wood@brookfield.com
Original: Sumitomo Corporation, SMBC Aviation Capital, Apollo and Brookfield Complete the Acquisition of Air Lease Corporation
CA Market News
3月前
JLL secures $370M refinancing for Society Brooklyn in GowanusMarch 17, 2026 4:23 PM
PR Newswire (US)
Brookfield funds bridge loan for 517-unit waterfront propertyNEW YORK, March 17, 2026 /PRNewswire/ -- JLL's?Capital Markets group announced today that it has arranged a $370 million refinancing for Society Brooklyn, a premier 517-unit, two-tower residential development positioned along the Gowanus Canal in Brooklyn's Gowanus neighborhood.JLL worked on behalf of the borrowers, Property Markets Group and The Carlyle Group, to secure the three-year bridge loan from Brookfield Asset Management.Society Brooklyn features two complementary towers spanning 455,666 square feet of rentable space across 517 units, including 385 market-rate and 132 affordable apartments. The development also includes 57,288 square feet of retail and commercial space to serve residents and the broader community. The property addresses growing demand for family-sized housing with nearly 40 percent of units designed as two- and three-bedroom apartments.Located at 500 Degraw St. and 504 Sackett St., Society Brooklyn capitalizes on its waterfront positioning along the Gowanus Canal at the intersection of the Gowanus, Carroll Gardens and Park Slope neighborhoods. Residents can enjoy Manhattan skyline and Brooklyn views and direct access to the Gowanus waterfront esplanade.The luxury development offers extensive amenities, including fitness centers, yoga studios, screening rooms, coworking spaces, rooftop terraces with Manhattan skyline views, multiple pool decks with barbecue areas, pet washing stations, bicycle storage and on-site parking. Individual units feature premium finishes such as custom white and black oak cabinetry, Caesarstone countertops, stainless steel appliances, in-unit laundry and private outdoor space in select residences.The financing comes as the Gowanus area continues its dramatic transformation following comprehensive rezoning initiatives. The neighborhood has attracted more than $7.8 billion in private investment alongside substantial public infrastructure funding. Multiple subway connections provide residents with Manhattan access in under 15 minutes.JLL Capital Market's Debt Advisory team representing the borrower was led by Senior Managing Directors Christopher Peck and Peter Rotchford and Senior Director Nicco Lupo."Society Brooklyn demonstrates the caliber of development that's defining the new Gowanus," said Peck. "The project's prime waterfront location, thoughtful design and strong sponsorship team position it as a standout asset in Brooklyn's evolving residential landscape."JLL Capital Markets group is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients, including investment sales and advisory, debt advisory, M&A and corporate finance, loan sales, equity & fund placement, net lease, derivative advisory and energy & infrastructure advisory. JLL Capital Markets has more than 3,000 specialists worldwide with offices in nearly 50 countries.For more news, videos and research resources, please visit JLL's?newsroom.About Property Markets Group
Property Markets Group, founded in 1991, is a national real estate development firm with over $8 billion in developed projects comprising more than 11,000 residential units.About Carlyle
Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across three business segments: Global Private Equity, Global Credit, and Carlyle AlpInvest. With $474 billion of assets under management as of September 30, 2025, Carlyle's purpose is to invest wisely and create value on behalf of its investors, portfolio companies, and the communities in which we live and invest. Carlyle employs more than 2,400 people in 27 offices across four continents. Further information is available at carlyle.com. Follow Carlyle on LinkedIn at The Carlyle Group and on X at @OneCarlyle.About Brookfield Asset Management
Brookfield Asset Management Ltd. (NYSE: BAM, TSX: BAM) is a leading global alternative asset manager, headquartered in New York, with over $1 trillion of assets under management across infrastructure, energy, private equity, real estate, and credit. We invest client capital for the long term with a focus on real assets and essential service businesses that form the backbone of the global economy. We offer a range of alternative investment products to investors around the world — including public and private pension plans, endowments and foundations, sovereign wealth funds, financial institutions, insurance companies and private wealth investors. We draw on Brookfield's heritage as an owner and operator to invest for value and generate strong returns for our clients, across economic cycles. For more information, please visit brookfield.com. About JLL?
JLL (NYSE:JLL) is a leading global commercial real estate services and investment management company with annual revenue of $26.1 billion, operations in over 80 countries and a global workforce of more than 113,000 as of December 31, 2025. For over 200 years, clients have trusted JLL, a Fortune 500® company, to help them confidently buy, build, occupy, manage and invest across a variety of industries and property types, including office, industrial, hotel, multi-family, retail and data center properties. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAY. Powered by rich global datasets and leading technology capabilities, we provide coordinated, end-to-end delivery of real estate services for a broad range of global clients who represent a wide variety of industries. Through LaSalle Investment Management, we invest for clients on a global basis in both private assets and publicly traded real estate securities. For further information, visit jll.com.Contact: Gréta Kieras, Senior Associate, Public Relations
Phone: +1 949 930 8498
Email: greta.kieras@jll.com
View original content to download multimedia:https://www.prnewswire.com/news-releases/jll-secures-370m-refinancing-for-society-brooklyn-in-gowanus-302716517.htmlSOURCE JLL
Original: JLL secures $370M refinancing for Society Brooklyn in Gowanus
investorhub123
12年前
Canadian hockey hero Lanny McDonald heading shareholder fight
http://www.theglobeandmail.com/report-on-business/industry-news/the-law-page/hockey-hero-heading-shareholder-fight/article18993675/
Former NHL star Lanny McDonald knows that he is in for a glove-dropping fight – and his team is the underdog.
Mr. McDonald and his trademark mustache have long since retired from the hockey rink, where he won a Stanley Cup with the Calgary Flames in 1989.
But now, he is lacing up to lead a shareholder battle on behalf of himself and hundreds of other investors who together lost millions in a company called Birch Mountain Resources Ltd.
They allege their company’s key asset, a limestone quarry they say was worth an estimated $1.6-billion, ended up in the hands of a subsidiary of one of Canada’s corporate giants, Brookfield Asset Management Inc., for less than $50-million back in 2008. Shareholders received nothing.
In their recently revived proposed class-action lawsuit, the investors allege Brookfield used “oppressive” and “misleading” tactics to force the company into receivership and grab the quarry, which is located in the heart of Alberta’s oil sands. None of the allegations have been proven in court, and the lawsuit needs to be certified by a judge before it can proceed as a class action on behalf of investors.
“This is about fairness,” said Mr. McDonald, who was an independent board member of the now-defunct company. “This is about playing by the rules.”
He is now the main plaintiff for the lawsuit, which was thrown out of Ontario’s courts on jurisdictional grounds in 2011 and has just been filed again in Alberta.
Andrew Willis, Brookfield’s senior vice-president of communications and media, said the case was baseless.
“The case has absolutely no merit,” Mr. Willis said. “... We look forward to defending it in court.”
Back in 2002, Birch Mountain’s founders discovered a potentially profitable limestone deposit in the middle of Alberta’s oil sands, where the rock can be used in roads and for filtering emissions and water. Mr. McDonald got involved after coaching hockey with the chief executive officer. As the project grew over the next several years, the company sought financing from Tricap Partners Ltd., a subsidiary of Brookfield now called Brookfield Special Situations Partners Ltd.
But in 2008, Birch Mountain ran into financial problems as oil sands development slowed. According to the statement of claim filed in court, Birch Mountain violated some of the financial terms of its deal with Tricap, its senior lender with a $31.5-million debenture that could be converted into shares.
According to other court documents, efforts to sell the quarry to cover the company’s debts had failed. In November, Tricap pushed Birch Mountain into what the statement of claim alleges was a “contrived receivership,” despite what shareholders say were improving financial results. The quarry ended up transferred to a numbered company owned by Brookfield and now called Hammerstone Corp.
According to the statement of claim, the investors allege that Brookfield engaged in “negligent misrepresentation,” as Tricap sold itself as an investor that would provide “long term patient capital” and help companies “experiencing financial difficulty” such as Birch Mountain.
Instead, the claim alleges, Brookfield manipulated Birch Mountain’s stock through “death spiral stock trading,” driving it down to just a penny. However, the lawsuit provides no evidence that Brookfield was actually behind the trading.
Using debentures and “death spiral stock trading” to obtain control of a distressed company instead of mounting a takeover bid is a common technique, said Wanda Bond, a self-described shareholder activist who along with her Florida-based partner James Currie has been working on the case with a group of fellow Birch Mountain investors.
“This is a back door-practice, under the guise of being a white knight,” said Ms. Bond, who was herself the case’s named plaintiff when it was originally filed in Ontario. “And there’s nobody stopping this sort of thing.”
Mr. McDonald, who played for the Toronto Maple Leafs and the Colorado Rockies before signing with the Flames, is under no illusion that challenging Brookfield in this case will be easy. But he says some of his experiences along the boards of the National Hockey League have given him the strength to persevere against lopsided odds.
“When you played for the Colorado Rockies and you are mathematically eliminated from the playoffs at the end of October, it’s a little tough to get up for the rest of the year, but you find a way to do that,” he said. “Just like it’s your responsibility to find a way to stand up in this case and … fight for the little guy.”
Follow Jeff Gray on Twitter: @jeffreybgray
Rayhuh
16年前
Article on 3rd quarter results
http://ca.news.yahoo.com/s/capress/101105/business/brookfield_asset_management
Brookfield Asset Management reports US$342 million profit in thrid quarter
43 minutes ago
By The Canadian PressADVERTISEMENT
TORONTO - Brookfield Asset Management Inc. (TSX: BAM) says its third-quarter profit has rebounded compared to a year ago when it booked a huge writedown under new reporting standards.
The Toronto-based asset management company — which reports in U.S. dollars and now uses the International Financial Reporting Standard — says it earned US$342 million, or 16 cents per share in the quarter ended Sept. 30.
That was up from a loss of US$572 million, or 75 cents per share in the year earlier when it booked a US$873 million charge due to a writedown on its office properties.
Brookfield's revenue was US$3.8 billion, up from US$2.8 billion a year ago.
Net income prior to other items, which include depreciation charges, fair value changes and future income taxes, was $625 million compared to $285 million in the year earlier.
Brookfield says its stronger results were driven by high occupancy rates at its commercial office properties and improved leasing markets.
“Recent investments and several major initiatives combined with organic growth in our existing operations have set the stage for Brookfield to build on our franchise and continue to create significant shareholder value,” said Bruce Flatt, CEO of Brookfield.
“We believe that as the global economy continues to recover, the company is well positioned for long-term, sustainable growth across all of our sectors.”
Brookfield has said that it is thriving in an uncertain economic environment and will continue to use its financial heft as a competitive advantage to close major deals with long-term investment potential.
It has been able to capitalize on companies in distress, including a significant investment in an office property in Washington, D.C., and its investment in General Growth Properties, a U.S. mall owner that is expected to come out of bankruptcy court with 180 properties.
Brookfield said Friday that it will own a 30 per cent stake in General Growth when it emerges from bankruptcy.
The Toronto-based conglomerate, which has a number of publicly traded subsidiaries, announced in August that it would divest some of its commercial properties to publicly traded subsidiary Brookfield Office Properties (TSX:BPO).
Other companies within the Brookfield group include: Brookfield Homes Corp. (NYSE:BHS), Brookfield Renewable Power Inc. (TSX:BRC.UN), Fraser Papers Inc. (TSX:FPS), wood panel producer Norbord Inc. (TSX:NBD), and Great Lakes Hydro Income Fund (TSX:GLH.UN),
Brookfield Asset Management has over $100 billion of assets under management and over 15,000 employees through a number of subsidiaries, many of them publicly traded in their own right.
Investorman
16年前
6 Dividend Companies with Huge Economic Moats
An important aspect of long-term dividend investing is identifying companies that have durable economic advantages that allow them to remain profitable for the foreseeable future. For the dividend growth strategy to work, time is needed, and lots of it.
Company economic advantages are often called “economic moats”, because they act as a durable defense to separate the company from its competitors. Companies that do not have moats face a lot more pressure from competitors, while companies with large moats have better chances for higher margins and bigger profits along with consistent growth. This article highlights 7 companies with superior moats.
Canadian National Railway (CNI)
Canadian National Railway is the largest railway in Canada and has significant operations in the United States. The rail network extends from the Atlantic Ocean to the Pacific Ocean through Canada, and also extends southward to the Gulf of Mexico through the United States.
Railways have big economic advantages because once track is put down, there’s little reason for a competitor to put down track in the same area to serve the same routes. A railway’s biggest concern is the economic trends in the areas it serves, rather than fierce competition from other railways. Railways also tend to be very efficient compared to other forms of transportation, particularly when transporting large amounts of commodities.
Canadian National Railway’s dividend yield is currently only 1.60%, but the dividend growth is high. The last increase was 7%, and the five-year dividend growth rate is 17%.
Wal-Mart (WMT)
Wal-Mart is the biggest, baddest retailer around. The company pulls in over $400 billion per year in revenue. When it purchasesproducts to sell, it purchases so many at a time, that it can demand pretty much any price it wants. Simply by being so huge, it can buy products cheaper than any of its competitors, and therefore can sell at a lower price while simultaneously having an excellent profit margin compared to other retailers. Since it sells at a lower price, everyone flocks to Wal-Mart to buy things, and the retailer gets even bigger, continuing to dominate its competitors. It’s a cycle.
How would a retailer go about trying to compete with Wal-Mart? A given competing retailer isn’t big enough in terms of purchasing power to match Wal-Mart’s prices, so people shop at Wal-Mart instead. Since people shop at Wal-Mart instead, this competing retailer does not grow very quickly, and so they can never outpace Wal-Mart in terms of purchasing power. It’s a catch-22. It’s like not being able to get a job because you don’t have enough experience, and not having enough experience because you can’t get a job.
Most economic moats are viable because they form an endless cycle; a catch-22 against competitors. Wal-Mart offers a dividend yield of 2.20% with a five-year dividend growth rate of 15%. Costco (COST) and Amazon (AMZN) have been innovative enough to chip away at the moat, but Wal-Mart’s current valuation and continued growth offer considerable upside and a fairly low downside.
Johnson and Johnson (JNJ)
Johnson and Johnson has a moat made up of two things: a) Scientific know-how and patents, and b) A collection of strong brand names.
When healthcare companies develop a new medicine or a new product, they patent it, and this stops companies from producing similar products. This allows the company to charge high prices. With the vast size of the company, JNJ has the vast technical know-how to continue to research and develop new products, and to patent them against competitors. At any given time, Johnson and Johnson has a huge patent shield in diverse categories, and it has a healthy pipeline of new products coming out to be patented.
In addition, Johnson and Johnson’s collection of brands are well-known. Its consumer products can sell for 2x as much as an exact non-brand name copy of the formula because people tend to buy it anyway. This patent-shield-wielding juggernaut offers a 3.40% yield and more than 10% annualized dividend growth over the past five years.
Brookfield Infrastructure (BIP)
Just about any utility company or pipeline has a large economic moat due to the local monopoly they have on their communities. A utility or pipeline invests in a large amount of assets that return a stable cash flow over time, and nearly untouched by competitors.
I picked BIP in particular because its operations are global, and I wanted to point out that a company with a huge moat does not have to be a huge company. BIP has ownership or partial ownership of the following:
Utilities:
Transelec- Electric transmission lines in Chile
NGPL- Natural gas storage and pipeline in the US
Powerco- Electricity and gas distribution in New Zealand
IEG- Electricity and natural gas connections in UK
Ontario Transmission- Electric transmission lines in Canada
TGN- The only natural gas distributor in Tasmania
Transportation:
DBCT- Coal terminal that supplies port export services from Australia
WestNet Rail- Australian rail infrastructure
PD Ports- Collection of shipping ports in UK
Euroports- Ports in Europe and China
Timber:
Island Timberlands- timberland in British Columbia
Longview Timber- timberland in Northwestern US
Social Infrastructure:
Peterborough Hospital- UK hospital
Long Bay Forensic and Prison Hospitals- Australian hospital
Royal Melbourne Showgrounds- Exhibition Center in Australia
BIP offers a yield of 5.50% and their last distribution raise was nearly 4%. Looking forward, BIP management hopes to boost the distribution by 3-7% per year. Still, their leveraged position and exposure to cyclical infrastructure should be carefully considered.
United Parcel Service (UPS)
UPS is a logistics company that is strong mainly because of its massive scale. It has an international distribution system that allows it to ship packages all over the world. The company uses hundreds of planes and thousands of vehicles to ship millions of packages each day.
Unlike a retailer, however, one can barely even start a business in this field. The barrier to entry is massive. One can’t start a delivery service without an enormous capital investment, and there’s no reason to even try because UPS is large enough to do it better and cheaper than you no matter where you start it. This keeps the number of players in this industry fairly low.
UPS offers a dividend yield of 2.80% and 7% dividend growth.
Microsoft (MSFT)
Usually, large companies with strong moats tend to have an equally famous brand name, but this is certainly not the case for Microsoft. In fact, its brand name is infamous for crashing PCs, buggy software, inferior updates, and annoying paperclips. Although it’s true that everyone knows Microsoft, almost everyone has something negative to say about Microsoft, and yet we still use the company's products. Why? Because Microsoft's moat is just absolutely huge.
The strength of its moat comes in the form of high switching costs. It’s difficult to switch to one of its competitors even if you want to. Everyone is familiar with Windows, but not everyone is familiar with Apple (AAPL) products or Linux. Windows has a huge percentage of the PC software market share. Even more powerful in terms of switching cost is Microsoft Office. Nobody can switch, because unless a large portion of the market switches at the same time, nobody will be able to read the documents of the people that switched first. There are even entire training and licensing programs about learning and becoming certified in Microsoft Office usage.
Microsoft currently offers a dividend yield of 2.60% and has grown its dividend by an annualized 10% over the past five years. The danger, however, is that Microsoft’s epic moat may be matched by the speed in which it is crumbling away. Innovative companies like Google (GOOG) and Apple are stealing its market share, and online document software threatens the future of the Microsoft Office model.
Summary
A moat isn’t everything, and some of these companies have pretty substantial threats to their economic advantages. Google and Apple are attacking Microsoft, Amazon and Costco are attacking Wal-Mart, UPS has Fed Ex (FDX) and a union to deal with, Johnson and Johnson is letting its collection of brands receive bad press with poor quality, and BIP, CNI, and all of them are affected by what the global economy is like at any given time.
But these aren’t just any old moats; they’re some of the biggest around, and the companies skillful enough to put up these moats might be good enough to keep them. Companies with huge moats don’t go away overnight, and if their valuations are reasonable, they may make solid investments. A thorough analysis should be performed on any stock before investing.
Investorman
16年前
Brookfield Properties Announces Plan to Become a Pure-Play Office Company Acquiring Interest in High-Quality Australian Office Portfolio;
Residential Land and Housing Business to be Divested;
Company to be Renamed Brookfield Office Properties
NEW YORK--(BUSINESS WIRE)--Brookfield Properties Corporation (BPO: NYSE, TSX) today announced a strategic repositioning plan to transform itself into a global pure-play office property company. The plan includes the acquisition of an interest in a significant portfolio of premier office properties in Australia from Brookfield Asset Management (BAM: NYSE, TSX, Euronext) as well as the divestment of Brookfield Properties’ residential land and housing business.
“This strategy will position Brookfield Properties at the forefront of the global office property scene,” stated Ric Clark, president and chief executive officer of Brookfield Properties Corporation. “Expanding internationally to dynamic gateway cities such as Sydney, Melbourne and Perth, Australia, with similar characteristics to our current North American markets, provides great operational synergies.”
Clark added: “Given its rich resource base and strong trading relationship with the world’s fastest growing economies, investment in Australia should put Brookfield Properties in a strong position to experience meaningful growth as the global economies emerge from the economic downturn. Following these transactions, Brookfield Properties will have leading office portfolios in each of the United States, Canada and Australia, as well as a modest but growing interest in the United Kingdom, transforming Brookfield Properties into the global security for investors looking for ownership in premier office assets.”
Australia Office Transaction
Brookfield Properties has agreed to enter into a transaction with Brookfield Asset Management whereby Brookfield Properties will pay Brookfield Asset Management A$1.6 billion (US$1.4 billion) for an interest in 16 premier Australian office properties comprising 8 million square feet in Sydney, Melbourne and Perth which are 99% leased. The properties have a total value of A$3.8 billion (US$3.4 billion).
Brookfield Properties’ board of directors established an independent committee to assess the transaction. The committee retained Morgan Stanley & Co., Incorporated as its financial advisor. The independent committee unanimously recommended that the board of directors approve the proposed transaction.
This transaction is expected to be completed in the third quarter of 2010 following the receipt of third party consents and approvals.
Brookfield Properties will fund the transaction from available liquidity of US$1.3 billion and from a US$750 million subordinate bridge acquisition facility from Brookfield Asset Management, which will be repaid from the completion of some or all of the following: asset sales, including a sell down of Brookfield Properties’ equity interest in its publicly-listed company Brookfield Office Properties Canada (TSX: BOX.UN - News), or other financing or capital activities.
A supplemental information package relating to this transaction is available on Brookfield Properties’ website at www.brookfieldproperties.com.
Residential Operations Disposition
As a further step in the strategy of converting Brookfield Properties into a global pure play office company, the company announced that it intends to divest of its residential land and housing division. To this end, Brookfield Properties intends to commence discussions with Brookfield Homes Corporation (NYSE: BHS - News) regarding the possible merger of these operations with Brookfield Homes. Should the merger proceed, Brookfield Properties’ equity interest in the residential business would be converted into a listed security in the merged entity which Brookfield Properties would then dispose of through an offering to its shareholders. Brookfield Asset Management would commit to acquire any shares of the merged entity that are not otherwise subscribed for in the offering, thereby ensuring that Brookfield Properties will successfully dispose of its residential interests and receive full proceeds.
The above transaction would complete Brookfield Properties’ process of divesting of its residential land and housing business that commenced with the initial creation and distribution of Brookfield Homes in 2003. At the time, the current, largely Canadian business was relatively small and therefore retained within Brookfield Properties. Since that time, the operation has grown substantially and Brookfield Properties now believes that it is appropriate to separate the businesses, serving the dual purpose of furthering the strategic repositioning of Brookfield Properties and enhancing the value of the residential business through the creation of a diversified North American residential land and housing company.
Brookfield Homes, listed on the New York Stock Exchange with a market capitalization of approximately US$500 million, is a land developer and home builder focused primarily in California and the Washington, DC area markets. Brookfield Asset Management is the owner of approximately 82% of Brookfield Homes. Brookfield Asset Management has advised that it is supportive of the merger discussions. Any transaction would be subject to review by Brookfield Properties’ independent committee.
Name Change
To reflect this strategic repositioning, Brookfield Properties Corporation will begin operating immediately under the name “Brookfield Office Properties” and intends to seek approval at its next shareholder meeting to change its name to “Brookfield Office Properties Inc.” The company’s shares will continue to trade under the ticker symbol BPO on the New York and Toronto Stock Exchanges.
Brookfield Properties Profile
Brookfield Properties owns, develops and manages premier office properties. Its current portfolio is comprised of interests in 93 properties totaling 70 million square feet in the downtown cores of New York, Washington, D.C., Houston, Los Angeles, Toronto, Calgary and Ottawa, making it one of the largest owners of commercial real estate in North America. Landmark assets include the World Financial Center in Manhattan, Brookfield Place in Toronto, Bank of America Plaza in Los Angeles and Bankers Hall in Calgary. The company’s common shares trade on the NYSE and TSX under the symbol BPO. For more information, visit www.brookfieldproperties.com.
Brookfield Asset Management Profile
Brookfield Asset Management, focused on property, renewable power and infrastructure assets, has over $100 billion of assets under management and is co-listed on the New York and Toronto Stock Exchanges under the symbol BAM and on NYSE Euronext under the symbol BAMA. For more information, please visit our website at www.brookfield.com
Rayhuh
16年前
Increasing debt, due soon, problem for BAM's growth?
Hi everyone,
I posted this message on the yahoo board after I read through tons of posts by a user regarding BAM.
The bottom line is: Lots of BAM's debt is coming due soon and even with the low interest rates, they had to take worse terms in previous refinancings. My message was this, any comments welcome:
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Hi Ben,
I really appreciate your input and hard work you put in your deep analysis. Thank you for that!
To be honest, most of your findings are either too complex for me or would take too much time to verify myself. Your points make sense, a lot of debt coming due, higher cost of debt, complicated corporate structure and so on.
Well, it was clear that BAM would suffer with their amount of leverage in these stormy times. Only a few companies have come out stronger than before. For me, it all comes down to the simple question, whether or not they will be able to grow their business in the future or not. One could argue that now with the low interest rates, the restructuring of debt could 'easily' be achievable, but who knows. The support from institutional investors is still huge, as can be seen in their recent funds they collected. On the one hand, I see what Brookfield says, growing op. Cashflow, stable long term-assets, on the other hand I see your findings, e.g. the comparison you put together.
So, to bring my basic question back up: Do you think that in spite of the problems that BAM is facing, it cant grow more or the actual stock price is too high?
Thank you very much in advance
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2nd message:
I remembered an older debt-refinancing of Brookfield Power, which rang my alarm bells for the first time back then:
>sell an aggregate C$300 million of Series 6 notes due November 30, 2016. The notes will bear interest at a rate of 6.132% per annum, payable semi-annually. <<
>>Net proceeds will be used to repay the remaining C$280 million of the Company’s 4.65% Series 1 notes due December 16, 2009 and for general corporate purposes<<
Even with the low interest rates, the new financing had worse terms than the previous (+1,5%). So you should be right, that the debt coming due could pose a problem. Probably only a minor one as there will surely be some big institutional holders to bail them out but one that could impact future earnings and growth nonetheless.
As my position in Brookfield was meant to be a stable fundament, I might switch to Fairfax Financial, which has weathered the crisis very well and seems valued fairly. I also own Markel, both share impressive long-term growth.
Investorman
17年前
Where to Invest When the Economy Goes "BAM"!
http://www.fool.com/investing/value/2009/05/06/where-to-invest-when-the-economy-goes-bam.aspx
Christopher Barker
May 6, 2009
Have you been BIP-tized into the world of BAM?
Brookfield Asset Management (NYSE: BAM) is no cult, but with $24 billion in assets, it is something of an empire. With a focus on property, power, and infrastructure assets, BAM has spawned a couple of targeted spinoffs, in which it retains substantial ownership stakes.
A host of companies
As a former shareholder, I have serious respect for BAM's long-term track record of delivering shareholder value from the assets that form its empire. Although shares have taken a beating since the housing crisis reared its ugly head, the past 20 years of stock appreciation tell a more captivating story. But no matter how well-managed the company may be, it simply couldn't escape a global economic upheaval this severe.
BAM remains profitable despite incredible challenges to several of its core businesses. The company earned $93 million in the first quarter, less than half what it brought in a year earlier, but still solidly in the black. Cash flow fell 38% to $273 million; BAM's specialty funds and investments combined for most of that decline, while income from commercial property rentals and power generation showed some resiliency. BAM's corporate property interests come from its 50% stake in Brookfield Properties (NYSE: BPO), and the company reported an occupancy rate of 96% for the quarter.
Brookfield Properties, in turn, spawned Brookfield Homes (NYSE: BHS) back in 2003; just in time for a meteoric rise along with the rest of the homebuilding sector, followed by a spectacular fall. While Brookfield Homes consoled shareholders with a smaller loss than last year, the numbers were definitely not encouraging. The homebuilder saw a 46% drop in revenue on 38% fewer home closings, and watched average home sales prices slide an additional 15% from the prior year. As I've noted previously in the case of related plays like USG (NYSE: USG) and Weyerhaeuser (NYSE: WY), homebuilding in North American remains in a fundamental bear market despite a notable up-tick in investor sentiment. I still would place a giant "do not enter" sign next to equities like Pulte Homes (NYSE: PHM).
The best of the lot
With that in mind, is there an attractive vehicle for exposure to the management expertise of the Brookfield empire without the unwanted exposure to housing? Fortunately, the answer is yes. Brookfield Infrastructure Partners (NYSE: BIP) principally holds electric transmission and timberland assets. BIP recorded adjusted net operating income of $8.8 million in the first quarter. That's a 53% decline from a year earlier, but by idling valuable timberlands and pursuing growth with a promising electric transmission development project in Texas, I see BIP as the best-positioned arm of the Brookfield empire to deliver shareholder value under any economic conditions for years to come.
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