SOUTHWEST ORANGE COUNTY Nord Anglia Education Inc. has sold the parcel of Windermere Preparatory School at 6189 Winter Garden Vineland Road to W.P. Carey Inc. April 1, according to Nord Anglia Education officials. This $47.8 million sale is the first part of a three-school sale between the two this year.
Sarah Doyle, head of brand for Nord Anglia Education, said each school will have a leaseback agreement, as well, with Windermere Prep's set at 25 years to lease its 46.42 acres. The total sale price will be $167 million and include North Broward Preparatory School in Coconut Creek and The Village School in Houston, with expectations to complete those two sales in May, she said.
"These sale and leaseback agreements are in line with our usual approach," Doyle said. "Rather than owning the properties, we prefer to enter into longterm leases -- usually 20 to 25 years -- with high-quality landlords who are prepared to partner with us to further invest in the facilities, enabling us to provide best-in-class environments for our students to learn in."
Doyle said Nord Anglia Education had plans to enter such agreements in 2016 for these schools since the company acquired each property last year. W.P. Carey was a match as an international real estate investment trust with extensive sale and leaseback experience to go with sharing Nord Anglia Education's desire to provide the best educational atmospheres, she said.
Within the deal, W.P. Carey must invest up to a combined $128 million into the day and boarding capacity of these three schools, which includes recent Windermere Prep expansion plans in the Orange County development process, Doyle said.
"We are committed to supporting its development to enhance the educational experience we offer to students," she said. "The sale and leaseback deal will provide access to capital to fund the expansion of the school, including part of the $128 million."
Nord Anglia Education will continue to own and operate Windermere Prep as a school, so no day-to-day changes will occur, although technological enhancements could develop with expansion plans, Doyle said.
Orange County Property Appraiser's Office reports indicate Collegiate Prep Realty LLC, which is affiliated with Nord Anglia Education, had purchased this parcel May 23, 2007, at a price of $29 million.
Contact Zak Kerr at [email protected].