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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.

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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.


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