Crown Castle Picks Up $500M Wireless Lease Portfolio

Law360, New York (January 12, 2012, 1:55 PM EST) -- Wireless tower operator Crown Castle International Corp. has purchased a $500 million portfolio of ground leases from Wireless Capital Partners LLC that will generate $42 million per year in cash, Crown Castle said Thursday.

Crown Castle will pay $180 million in cash and assume $320 million in debt to take over the portfolio, which includes 3,200 ground lease assets, including 150 related to towers that the company already owns, it said.

"The assets being acquired generate annual cash flow of approximately $42 million, with 80 percent...
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