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old Bethpage, big apple (PRWEB) January 07, 2016

On December 31, 2015, power REIT (NYSE Mkt: PW) closed on its acquisition of a fee-simple hobby in land under probably the most biggest operational sun farms in New England. The acquisition represents a key milestone within the firm’s execution of its infrastructure centered marketing strategy. The approximately $ 1 million acquisition is anticipated to be instantly accretive to dollars from operations (“FFO”) per share.

David Lesser, Chairman and CEO, commented: “we’re pleased to have achieved our first solar farm property acquisition. The property is a mission-essential asset for our sun challenge tenant, which has made a major investment in capital enhancements on our land. The tenant makes use of photovoltaic know-how that does not have significant technology risk and should result in predictable energy era and cash-glide via lengthy-term contracts to promote the facility. We consider power REIT’s investment will generate a gorgeous chance adjusted fee of return. This investment is consultant of energy REIT’s goal of creating shareholder price through accretive acquisitions supposed to increase dividends over time.”

along with announcing the acquisition, the board of trustees nowadays declared a dividend of $ 0.10 per share, payable on January 25, 2016 to shareholders of report as of January 14, 2016.


The transaction contains a $ million investment in roughly 54 acres of charge-simple land (the “Property”) helping a 5.7MW sun farm in Salisbury, Massachusetts (“Salisbury sun Farm”). Salisbury sunlight Farm is an affiliate of a $ 282 million sunlight fund that’s managed by using Capital Dynamics, Inc., which is a member of the Capital Dynamics team, a $ 14 billion world personal asset manager with headquarters in Switzerland. accomplished in the summer of 2015, Salisbury sunlight Farm is one of the biggest operational sun farms in New England and is currently working and generating income. The sun venture consists of roughly 25,000 sun panels, helping tools and infrastructure, together with interconnection to the grid via a transmission line that runs alongside the brink of energy REIT’s Property. Salisbury sun Farm is expected to generate approximately 6,seven-hundred,000 kWh a 12 months and serve the wishes of approximately 1,000 properties.

energy REIT shaped a completely owned subsidiary, PW Salisbury sun, LLC (“PWSS”) for the purposes of acquiring the property (PWSS and power REIT collectively referred to as “power REIT”). The Property was received subject to the present rent agreement (the “rent”) with the Salisbury sunlight Farm, which has a remaining time period of roughly twenty-one years with extension choices on collectively agreeable phrases. the current annual rent pursuant to the lease is $ eighty,800, which is payable quarterly and offers for a annual escalation. energy REIT is chargeable for real property property taxes and the tenant is chargeable for taxes related to the solar project. The transaction worth of $ million comprises the belief of approximately $ 122,000 of municipal financing provided through the local city. The assumed debt consists of a chit of and has a closing fee term of nineteen years.

Salisbury solar Farm sells power pursuant to twenty-year power buy agreements (PPAs) with three native municipalities: Triton Regional college District (Moodys: Aa3), city of Newburyport (Moodys: Aa2) and Salisbury (Moodys: Aa3). These PPAs must generate predictable and reliable revenues to Salisbury sun Farm, which gives a beautiful ground hire protection ratio (tenant revenue / rent fee). additional helping our funding thesis within the transaction is the massive capital funding that Salisbury sun Farm has made on the Property, providing the tenant with a powerful financial incentive to pay shrunk lease funds pursuant to the rent.

The Property was up to now acquired for the purpose of growing an industrial park and is positioned approximately 45 miles northeast of Boston, 20 miles south of Portsmouth, New Hampshire and 70 miles southwest of Portland, Maine. With its shut proximity to city centers and very good get right of entry to to both I-95 and that i-495, we imagine this investment will provide energy REIT with horny current earnings and the opportunity for lengthy-term capital appreciation through possible repowering of the web page by means of installation of newer sun technology applied sciences and/or redevelopment alternatives upon hire termination.

Transaction Financing and Financing update

so as to full the acquisition of the Property, power REIT obtained an $ 800,000 bridge mortgage (“Bridge mortgage”) from Hudson Bay companions, LP, an affiliate of our Chairman and CEO, David H. Lesser. The Bridge loan has an rate of interest of 5% for the first six months right through which period power REIT intends to refinance the Bridge mortgage with permanent financing. the corporate believes the phrases of the Bridge mortgage are favorable to power REIT and demonstrates a commitment through Mr. Lesser to strengthen power REIT’s business plan.

energy REIT expects to make the most of quite a lot of financing mechanisms to finance new acquisitions and to re-finance the Bridge mortgage, including issuance of common stock or different equity-like securities similar to convertible debt or most well-liked equity, debt and UPREIT contribution transactions. in the 2nd quarter of 2015, power REIT’s $ a hundred million shelf offering on kind S-three/A was declared effective with the aid of the Securities and exchange commission. The shelf providing provides power REIT with flexibility to lift fairness to fund its increase trade plans as required.

Acquisition strategy in 2016

power REIT intends to proceed executing its way to transform a diversified infrastructure REIT with a center of attention on renewable power property. power REIT may even imagine investing in different infrastructure asset classes beyond this initial focus. the company expects to procure property which might be diverse through asset dimension, geography and tenants. energy REIT continues to guage a significant pipeline of acquisition candidates. There can be no assurance that any of these acquisition ambitions will end in achieved transactions.

Dividend statement

The board of trustees declared a dividend of $ 0.10 per share payable on January 25, 2016 to shareholders of file as of January 14, 2016. The board of trustees of energy REIT plans to declare quarterly dividends after the tip of each and every calendar quarter. the company is in quest of to grow its dividend per share over time as further belongings are got on an accretive basis. There can be no assurance however as to the timing of acquisitions or to the timing or increase in quarterly dividends.

About energy REIT

power REIT is a NYSE market listed actual estate investment belief (ticker: PW) that is thinking about the acquisition of real estate associated to infrastructure belongings, with a core center of attention on renewable energy belongings. in addition to renewable power, the company is curious about transportation and energy assets. the corporate’s marketing strategy expands its possession of its thoroughly-owned subsidiary, Pittsburgh &amp West Virginia Railroad, which owns 112 miles of railroad track, rights of approach and other actual estate that’s presently leased to Norfolk Southern employer beneath a protracted-term rent settlement. power REIT’s management crew has over forty years of expertise within actual estate, REITs, renewable power and investment banking. power REIT is actively having a look to expand its portfolio of infrastructure actual property investments thru accretive acquisitions on the way to permit the company to grow distributions per share over time.

forward taking a look Statements

This press unlock may just contain include ahead-looking statements within the which means of the Securities Act of 1933, as amended, and Securities exchange Act of 1934, as amended. forward-having a look statements are those who predict or describe future situations or traits and that do not relate completely to historical issues. which you can normally determine forward-taking a look statements as statements containing the words “consider,” “predict,” “will,” “watch for,” “intend,” “estimate,” “would,” “must,” “project,” “plan,” “think” or different equivalent expressions, or negatives of those expressions, even if no longer all forward-taking a look statements include these determining words. All statements contained in this press liberate regarding power REIT’s future technique, future operations, projected monetary place, estimated future revenues, projected prices, future possibilities, the way forward for the power REIT’s industries and outcomes that may well be obtained by using pursuing management’s current or future plans and objectives are forward-looking statements. Over time, energy REIT’s exact results, performance or achievements will seemingly vary from the anticipated outcomes, performance or achievements which are expressed or implied via the facility REIT’s forward-looking statements, and such distinction could be significant and materially hostile to energy REIT’s security holders.

All ahead-having a look statements replicate the facility REIT’s good religion beliefs, assumptions and expectations, but they aren’t ensures of future performance. moreover, power REIT disclaims any obligation to publicly replace or revise any ahead-looking observation to replicate modifications in underlying assumptions or elements, of new data, information or methods, future occasions or different changes. For an additional discussion of those and other components that would cause energy REIT’s future results to differ materially from any ahead-having a look statements, see the part entitled “possibility factors” in power REIT’s registration statement on type S-three/A filed with the Securities and exchange commission (SEC) on could eleven, 2015 and different dangers described in documents subsequently filed via energy REIT infrequently with the SEC.

Investor relations

Please contact energy REIT for further knowledge or for industry opportunities:

energy REIT

301 Winding highway

outdated Bethpage, the big apple 11804

(T) 212-750-0373

(E) ir(at)pwreit(dot)com


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