POST Online Media Lite Edition


W. P. Carey enters sale-leaseback deal with Stern Group

Staff writer |
W. P. Carey has entered into an approximately $62.9 million (€58.6 million) sale-leaseback transaction for a portfolio of 10 automotive retail and service sites in the Netherlands with Stern Groep N.V., a Dutch listed automotive group.

Article continues below

Founded in 1993, Stern is the Netherlands' leading automotive retailer, offering a diverse range of 22 premium and volume car brands. In addition to new and used vehicle sales, it provides automotive financing and maintenance and repair services.

Stern is a publicly traded company with annual revenues of approximately $1 billion.

The 10 facilities are strategically located in and around three of the Netherlands' largest cities — Amsterdam, Utrecht and Eindhoven — and are among the best performing in Stern's portfolio.

Representing approximately 10% of Stern's locations, the facilities generated about one quarter of Stern's fiscal 2014 revenues.

The portfolio is triple-net leased for a 17-year period and includes full Dutch CPI annual rent escalations.

What to read next

FCC approves Altice acquisition of cable firm Suddenlink
Diageo sells Chateau and Estate brands and Percy Fox for $552 million
Bob Evans Farms completes $197m sale-leaseback deal