×
1 988
Fashion Jobs
ESTÉE LAUDER
Clinique - Consultant - Halifax, Harveys - 15 Hours - Part-Time, Permanent
Permanent · Halifax
ESTÉE LAUDER
Aveda - Account Manager - House of Fraser-White City, London - 30 Hours - Full Time, Permanent
Permanent · London
FOREO
E-Key Account Manager
Permanent · London
FOREO
Marketing Manager
Permanent · London
VF INTERNATIONAL
Warehouse Trainer And Instructor
Permanent · COALVILLE
OUTSIDE THE BOX RECRUITMENT
Account Manager Kidswear
Permanent · LONDON
THE KOOPLES
Regional Manager London
Permanent · LONDON
OUTSIDE THE BOX RECRUITMENT
Digital Marketing And e Commerce Manager
Permanent · LONDON
ESTÉE LAUDER
Estee Lauder - Consumer Campaign Email Marketing Executive
Permanent · London
VF INTERNATIONAL
Warehouse Area Manager
Permanent · COALVILLE
NEW BALANCE
Marketing Director, Emea
Permanent · Warrington
EASTPAK
Credit Controller - French Speaking - Eastpak
Permanent · CALVERTON
THE NORTH FACE
Credit Controller - German Speaking - The North Face
Permanent · CALVERTON
CONFIDENTIAL
Regional Manager London
Permanent · LONDON
ESTÉE LAUDER
la Mer - Business Manager - John Lewis, Cribbs Causeway - 37.5 Hours - Full Time, Permanent
Permanent · Bristol
VF INTERNATIONAL
dc Inventory Control Supervisor
Permanent · COALVILLE
ESTÉE LAUDER
Clinique - Consultant - Boots, Enniskillen - 10 Hours - Part Time, Permanent
Permanent · Enniskillen
SHISEIDO
Account Manager Bareminerals - House of Fraser, Cheltenham
Permanent · Cheltenham
ESTÉE LAUDER
Clinique - Consultant - Browns, Beverley - 12 Hours - Part-Time, Permanent
Permanent · Beverley
ESTÉE LAUDER
Clinique - Consultant - Boots, Metro Gateshead - 16 Hours - Part Time, Permanent
Permanent · Gateshead
ESTÉE LAUDER
Clinique - Consultant - Boots, Derby - 10 Hours - Part-Time - Permanent
Permanent · Derby
ALTRA
Sales Representative
Permanent · LONDON
By
Reuters API
Published
Aug 1, 2018
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Buffett's Berkshire offers loan to owner of former Sears properties

By
Reuters API
Published
Aug 1, 2018

Billionaire Warren Buffett's Berkshire Hathaway Inc is loaning up to $2 billion (1.52 billion pounds) to the company that owns some of what used to be some of Sears Holdings Corp's best real estate.

A term loan facility is a financial assistance program offered by a lending institution to help a company that requires operating capital, that has to be repaid within a time limit - Reuters


A subsidiary of Buffett's conglomerate, Berkshire Hathaway Life Insurance Company of Nebraska, is offering what is known as a term loan facility to a New York-based real estate investment trust that owns the struggling retailer's formerly owned retail space.

The real-estate trust, Seritage Growth Properties , was formed as a spin-out of some of Sears' 235 top properties into a publicly traded company of its own in 2015. The U.S. department store operator then leased back some of the properties.

Buffett was an early backer of Seritage. He is personally one of the real estate trust's top owners, holding nearly 6 percent of its outstanding shares.

A term loan facility is a financial assistance program offered by a lending institution to help a company that requires operating capital, that has to be repaid within a time limit.

This loan matures on July 31, 2023 and bears interest at a fixed annual rate of 7 percent plus additional fees.

The financing will help Seritage boost its role as a retail and mixed-use developer across the country, its chief executive, Benjamin Schall, said in a statement.

Berkshire Hathaway did not immediately respond to a request for comment.

The conglomerate has been under pressure to whittle down a $108.6 billion stockpile of cash, and in the past has struck advantageous deals to loan money to other companies.

Berkshire has more than 90 operating units including the BNSF railroad, Geico auto insurance, Dairy Queen ice cream, Fruit of the Loom underwear, See's Candies and a variety of industrial and chemical operations.

© Thomson Reuters 2021 All rights reserved.