Trustmark Bank, a wholly owned subsidiary of Trustmark Corporation, sold 34 branch properties to Blue Owl Real Estate Capital for $91.7M in a sale-leaseback transaction. Under the deal, Trustmark will lease the properties back from Blue Owl for an initial 15-year term, paying $6.4M in initial combined annual rent, with rent increasing 1.5% each year, and the bank holds three consecutive renewal options of five years each. The sale-leaseback generated a pre-tax gain of about $61.5M for Trustmark, offset by a loss of about $61.5M on securities portfolio restructuring. The branches are located in Mississippi, Florida, Tennessee, Alabama, and Texas.
Trustmark CorporationTrustmark's sale-leaseback generated a ~$61.5M pre-tax gain, though offset by a ~$61.5M securities restructuring loss.
Blue Owl Capital IncBlue Owl Real Estate Capital acquires 34 Trustmark branch properties for $91.7M in a sale-leaseback, expanding its real estate portfolio.
